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Russia may slap 8.5 pct export duty on potash
April 14, 2010 / 8:06 AM / 7 years ago

Russia may slap 8.5 pct export duty on potash

MOSCOW, April 14 (Reuters) - Russia’s anti-monopoly agency will support proposals to introduce a 8.5 percent export duty on potash, its head Igor Artemyev told reporters on Wednesday.

“We are supporting the proposal by the customs service... We have supported it because Uralkali and Silvinit have begun a speedy increase of prices on the domestic market,” he said adding that the final decision would be taken by a commission of first deputy prime minister Igor Shuvalov.

Industry sources have told various media in the past month the government could introduce duties of between 5 and 15 percent in comments leading to sharp fluctuations of potash producers Uralkali (URKA.MM) and Silvinit SILV.RTS.

Uralkali’s stock fell by around one percentage point on the news on Wednesday to trade 0.5 percent down at 0759 GMT. (Reporting by Vladimir Soldatkin, writing by Dmitry Zhdannikov, Editing by Toni Vorobyova)

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