Russia's Ministry of Industry and Trade and steelmakers have agreed to no longer link domestic prices to world prices, and calculate prices in rubles. Russia's mineral extraction tax (MET) and excise tax for crude steel are currently changing according to world prices.

The Ministry of Industry and Trade announced that the ministry and Russia'ssteel industry have reached a joint decision to untie LME prices and calculate domestic prices based on the ruble.

According to the report, facing tough sanctions, Russian authorities and steel groups will develop a comprehensive pricing policy for steel to prevent local price hikes.