Russia cancels export duty on gold

RUSSIA - The Russian government issued a resolution on 14 January abolishing a 5% export duty on gold, said a government source.

Commenting on the move, a Rosbank spokesman stated that Russian banks will have to revise previously concluded contracts on advance payments for gold mining projects in 2002, because all these agreements call for a 5% export duty on gold.

Following the introduction of the duty in 1999, Russian commercial banks prefer exporting precious metals through Customs Union cou

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