Russia has lifted duties related to the rouble-dollar exchange rate on most coal exports, according to a latest decree released on the country's government website.

The export duties were scrapped for exports of thermal coal, coking coal and anthracite, the decree showed.

The Russian government introduced the export duties on a number of goods in October to protect its domestic market. 

The duty, which amounts to between 4% and 7% depending on the rouble rate, will be automatically nullified if the rouble reaches 80 to the dollar. It had been expected to last until the end of 2024.    

Russia imposed the duty as a way to raise revenue at a time of increased military spending and as producers increased exports thanks to the weakness of the rouble.

The decision to scrap the duties may help Russian coal producers save between $1.1 billion and $1.5 billion per year, Kommersant Daily cited analysts as said.

Last year, Russian coal exports totalled 220 million tonnes, around half of which was sold to China.

(Writing by Rebecca Liu  Editing by Harry Huo)
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