President Vladimir Putin has signed a law that allows the Russian government to temporarily reduce export customs duties to friendly countries and zero rates for the export of goods from certain regions, reports Kommersant.

According to the text of this law, the Russian government can reduce export tariffs for up to six months and set customs quotas for up to a year, i.e. reduced or zero tariff rates for a certain amount of goods being exported to friendly countries.

Prime Minister Mikhail Mishustin explained that the new law will promote the growth of supplies of Russian grains, fertilizers, and raw materials to friendly countries. The law, according to him, also will support the regions where changes in logistics routes have led to increased transport costs and Russian companies have been sanctioned.

In addition, the Russian government will be able to set a procedure for monitoring the prices of goods and calculating the rates of export customs duties, and determine the method and procedure for distributing a part of the amount of customs quotas for imported goods.