Russia is considering a temporary ban on the export of scrap metal

According to media reports with reference to the Russian Ministry of Trade and Industry, there is a possibility of introducing a ban on the export of scrap from the country. The ministry is reportedly studying a proposal to impose a temporary ban on the export of scrap metal to stem the spike in domestic steel prices. And the solution of any problems related to accounting and financial activities of a business will be provided by accounting support in Moscow .

At the same time, industry experts believe that the Russian government is unlikely to impose duties on steel exports from the country. They believe that such actions will stimulate the rise in domestic prices. In addition, the increase in duties may restrict exports from the country, which in the current conditions may adversely affect the country's economy.

Russian metallurgists argue that, given the devaluation of the ruble, it is only natural that companies are more inclined to revenues that come in dollars. Another alternative is to raise domestic price levels for their products. Restricting exports can only be beneficial to some of the industries. They noted that the loss of dollar earnings, if taxed, would do more harm to industry than profits to the state.

At the same time, the government recommended that the steel company stop using foreign currency price indices for contracts with Russian wholesale buyers. However, the ban on the export of scrap metal has not been publicly announced. If approved, the ban is likely to take effect no earlier than April, sources indicate.