Eurasian Economic Commission decision on import duty on 0% vanadium-aluminum enters into force
Eurasian Economic Council (EEC) – which includes Russia and Kazakhstan – to institute 0% import tariff extension on vanadium-aluminum
The Eurasian Economic Council (EEC), which includes Russia and Kazakhstan, will institute an extension of its 0% import tariff on the vanadium-aluminum ligation until the end of 2022, effective today ‘hui.
This extension aims to keep the prices of this type of raw material, mainly used in the production of titanium alloys for the aerospace industry, as low as possible. By reducing material costs, predominantly Russian aerospace companies will be able to increase production at comparatively lower costs.
This development comes at a key time for Russian aerospace interests as two key projects enter their early stages. First, the Russian Aerospace Force is expected to commission a new fighter jet in 2022 equipped with state-of-the-art hypersonic weaponry. Second, Russia and China have announced that they will sign a new space cooperation program for 2022-2027, which will include plans to build and launch an International Lunar Research Station by 2035.
Both programs bring Russia closer to the vanguard of air and space power, two key areas of the international political sphere where tensions with the United States and NATO are already growing. By ensuring low material costs, Russia is in a better position to make these goals a reality, cementing itself at the forefront of international aerospace innovation.
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