Russia and China trade new copper disguised as scrap to skirt taxes, sanctions | Reuters News Agency
Business & FinanceCommodities

Russia and China trade new copper disguised as scrap to skirt taxes, sanctions

15 April 2024, 5:49 am 1 minute
By Reuters News Agency

Reuters exclusively reported that Russian copper producer RCC and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new copper wire rod disguised as scrap.

Market Impact

China has become a major destination for Russian companies seeking to export their commodities after the United States imposed sanctions on Russia for its invasion of Ukraine in February 2022.



Article Tags
Topics of Interest: Business & FinanceCommodities
Type: Reuters Best
Sectors: Business & FinanceCommodities & Energy
Regions: AsiaEurope
Countries: ChinaRussia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
FILE PHOTO: Trucks carrying copper and other goods are seen waiting to enter an area of the Shanghai Free Trade Zone, in Shanghai September 24, 2014. REUTERS/Carlos Barria/File Photo
Sign up for email updates
Subscribe
Sign up for email updates

More of Reuters Best

Abu Dhabi’s largest Islamic bank in talks to buy $1.1 bln stake in Indonesian lender

Abu Dhabi’s largest Islamic bank in talks to buy $1.1 bln stake in Indonesian lender

April 18, 2024
Billing software firm Zuora explores sale after takeover interest

Billing software firm Zuora explores sale after takeover interest

April 18, 2024
Vietnam mounts ‘unprecedented’ $24 billion rescue for bank engulfed in giant fraud

Vietnam mounts ‘unprecedented’ $24 billion rescue for bank engulfed in giant fraud

April 17, 2024
Lockheed wins US missile defense contract worth $17 bln

Lockheed wins US missile defense contract worth $17 bln

April 16, 2024