Oct. 24 (Bloomberg) -- Russia will introduce an export quota on unprocessed timber after it is accepted into the World Trade Organization, Interfax reported, citing Maxim Medvedkov, the Economy Ministry official responsible for trade talks.
Timber exported under the quota will be taxed at a rate lower than the current duty, while sales abroad exceeding the quota will be levied at a higher rate, Medvedkov was cited as saying.
The agreement was reached as part of the European Union’s decision on Oct. 21 to back Russia’s entry into the global trade arbiter, the Moscow-based Interfax news service said.
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