From 6 August 2018 Russia will levy new import duties on several categories of US goods, including machine tools, earthmovers (bulldozers), automatic truck loading machines, cranes, certain drilling, oil and gas equipment, metal processing instruments, transport vehicles and optical fiber.
The new duties ranging from 25 to 40 percent of the value of imported products affect 79 types of products and were introduced by a resolution signed by Prime Minister Dmitry Medvedev last week.
The measures are intended to partially compensate USD 87.6 million of a total of USD 537.6 million in damages which Russia claims were incurred by its exporters as a result of the US tariffs on steel and aluminum imported from Russia, according to Mr. Oreshkin, Minister of Economic Development.
Several sources mentioned that in the future Russia may introduce additional duties on other goods originating from the US since the current measures do not completely compensate for Russia's losses due to US tariffs.
We recommend that manufacturers and suppliers review the new measures and analyze their effect on their imports and business/marketing strategies in Russia.