Russia Is Lowering Customs Duties

In accordance with WTO commitments, on September 1 Russia reduced customs duties for more than 4000 goods, including furniture, tableware, home appliances, woven fabric, paper, component parts for aircraft and shipbuilding, precious metals and seafood. For most product groups the tariffs will be cut by 2-5 percent.

Market participants in certain industries where the tariff cuts have already come into force fear that this will result in the increase of imports and unprofitability of domestic enterprises.

However, during the 3 years of Russia being a member of WTO customs barriers have been reduced almost by half, which hasn’t entailed the increase of imports.

It’s the effect of ruble devaluation, economic recession and the reduction of purchasing power that pose a serious threat to enterprises rather than the speculation of slight increase of imports.