Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25-40 percent on some imports from the United States in response to Washington's tariff move, the Russian economy ministry said on Friday.
The minister said the extra duties will involve oil and gas industry equipment, construction equipment, metalworking and optic fibre.
Extra duties will support Russian manufacturers of counterpart produce and will make it possible for them to substitute USA supplies to the domestic market, the minister said.
"Compensating measures apply as additional, higher rates of import duties from 25% to 40% of the price of imported goods".
In May, Russia notified the World Trade Organization about possibly imposing duties amounting to $537.6 million a year on United States goods.
The EU on July 6 said it will soon take action to prevent steel produced for the USA market from flooding Europe due to the tariffs.
Import duties on United States road-building machinery could help Russian oligarch Oleg Deripaska, who was hit by USA sanctions and controls GAZ, Russia's biggest maker of road-building equipment. This is the amount of additional duties Russian suppliers are obliged to pay in the US.
"Currently our higher duties cover only part of the damage - $87.6 million. This is the compensation Russian Federation has the right for under WTO rules", the ministry reports.
Russian Federation will be able to compensate for the remaining part in three years since the introduction of the US duties or after approval of the WTO dispute settlement body if it finds the USA restrictions violating the organization's rules, the ministry said.
It said that Russian Prime Minister Dmitry Medvedev had signed a government order setting the tariffs in retaliation to US tariffs of 25 percent on steel and of 10 percent on aluminum starting on March 23.
- June Sees Employment Rates Increase 213000
- Dozens missing after tourist boat capsizes off Thailand
- Explore every class of Emirates cabins with VR technology
- England fans criticised for invading IKEA store following victory over Sweden
- Trump mulls Supreme Court choice from 2 or 3 candidates
- Pokemon Go: Special Summer Pikachu Celebrates Game's Second Anniversary
- Harry Maguire scores for England with header as fans crack SAME joke
- Croatia beat Russian Federation on penalties to reach semis
- Britain's Johnson robustly opposed PM's Brexit plan, reports say
- Horner says Red Bulls are in the running for both F1 titles