Import duties scrapped on machinery

The Russian government recently announced the scrapping of duties on imports of leather processing machinery, according to the Interfax news agency. The Light Industry Department of Russia's Industry Ministry said that the decision will promote a favourable investment climate in Russia's leather industry. However, analysts in Moscow say that the duties should have been scrapped years ago as they have obstructed the operations of foreign investors in Russia. In addition, the scrapping of duties will make it harder for new companies wanting to manufacture leather processing machinery in Russia, since imports of such machinery will become cheaper.