Russia may add duty to farm equipment

MOSCOW, Dec. 12 (UPI) -- Russian Prime Minister Vladimir Putin proposed several measures to support domestic agricultural equipment producers, including a temporary duty on imports.

Putin said the duty should be set at 15 percent of the equipment's value. However, it would also include a minimum of $160 per every kilowatt of engine capacity, Prime-Tass reported Friday.

Parts imported to keep currently owned equipment running would be exempt from the duty, Putin said.

The duty would help offset the roughly $14.5 million the Russian Industry and Trade Ministry plans to allocate to Russian equipment producers to subsidize interest payments on loans, Putin said.

That subsidy would not apply to loans domestic producers use to purchase foreign equipment, the news service said.