Russia’s plans to impose taxes on aluminium exports has fuelled a surge in spot market costs for European and American consumers.

The Russian government is proposing a duty of at least 15%, or a minimum of $254 a tonne, will be effective from August 1 through to the end of 2021.

The taxes could have far-reaching implications for global metals markets at a time of tight supply of aluminium.

The tax will apply to Rusal, which accounted for around 6% of global supplies last year, equivalent to 65 million tonnes.

Reuters report that since the announcement on June 28, premiums paid by US and European customers jumped to $640 a tonne and $317 a tonne, respectively.

Those could jump as high as $900 in Europe and $1,300 in the US.

The move is the latest in a series of steps by nations around the world to tackle surging prices for raw materials and other key goods.

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