Bloomberg reported Norilsk Nickel’s (LSE:MNOD) shares dropped on the announcement Russia’s export tax will increase by 16%.
As quoted in the market news:
Norilsk fell 0.8 percent to 4,880 rubles by the close in Moscow, after losing as much as 1.4 percent earlier.
The Russian government raised the export duty on nickel by 16 percent to $1,447.6 a ton, Interfax reported. The tariff went into effect today, according to the news service.