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April 15 - Russian Copper Company and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new copper wire rod disguised as scrap, three sources familiar with the matter told Reuters.
Chinese customs data showed China has bought significantly more copper scrap from Russia since December, while Russian figures Reuters obtained from a commercial data provider showed the amount of scrap exported to the country's biggest trade partner was negligible. 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.
The shredding had escaped notice as China has restricted access to the Xinjiang region in response to international condemnation of Uyghur repression, the sources said. However, from December last year, China's copper scrap imports from Russia rose significantly, customs data showed.Russian data showed a mismatch, indicating the country sold only 73 tons of copper scrap to China in the same month.
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