“The Russian Prime Minister Mikhail Mishustin has signed a resolution exempting importers of significant goods from the obligation to provide security for the payment of customs duties and taxes. The resolution applies to certain types of critical import goods, which have already been granted tariff preferences and zero rates of customs duties by the Eurasian Economic Commission in spring 2022 and extended until March 31, 2023. The exemptions also apply to goods used in the production of food, electronics, metallurgical products, and light industry products.

Under Russian law, importers could only benefit from these tariff preferences if they provided security for the payment of customs duties and taxes, which imposed a significant financial burden on them. Therefore, the economic benefit of these tariff preferences was negated. To reduce the financial burden on importers and support significant sectors of the economy, the government decided to exempt importers of significant goods from providing security for the payment of customs duties and taxes.

The resolution applies to goods imported since March 28, 2022, and aims to provide further support to significant sectors of the economy that have been facing the risk of equipment shortages due to external restrictions.

Source: Government of the Russian Federation.”