Russia to Extend Export Tax on Platinum and Palladium

Reuters reports that Russia plans to extend the export tax on platinum group metal ingots and sponge to other, related products.

As quoted in the market news,

The new tax, if approved by the government, will be a temporary measure because Russia, as a member of the World Trade Organization, should cancel its export duties on platinum group metals from 2016.

Palladium and platinum are used by the automobile industry in catalytic converters and by the jewellery industry.

Click here for the full Reuters report