Direct losses of Russian exporters from planned EU carbon border levy may amount to $2.5 billion a year, Institute for Natural Monopolies Research says in new report.
- At initial stage, ferrous and non-ferrous metallurgy, chemical (nitrogen compounds), nitrogen fertilizers and electric power industries fall under carbon regulation
- Export cost of products for industries that are subject to carbon regulation will increase by an average of 24%; cement is most vulnerable, may almost double in price
- Russia ranks first in terms of the value of vulnerable exports to the EU
- Later, carbon regulation will probably be extended to oil refining, ...