Russia’s Ministry of Economic Development has announced that it has imposed additional import duties ranging between 25 percent and 40 percent on certain goods from the United States (US), as a response to the Section 232 tariffs on steel and aluminum imports.
The products include fiber optics, road construction products, oil and gas products, products for metal processing and mining. The additional duties cover products that have alternatives in the Russian market.
Economic development minister Maxim Oreshkin stated that the damage from US trade restrictions for Russian exporters is estimated at $537.6 million and the newly-imposed additional duties will compensate for about $87.6 million of this damage.
According to Mr. Oreshkin, the remaining rebalancing on trade will take place at a later stage - in three years' time or after a positive finding in WTO dispute settlement if that should come sooner.