Russia raises the export duty on sunflower seed from July 1 and sets the floating export duty on sunflower oil from September 1. The corresponding decree was signed by the Prime Minister of Russia Mikhail Mishustin, reported the governmental press-service on April 7.
“Sunflower seed will be subject to the export duty at 50% but not less than 320 USD/t for the period from July 1, 2021 to August 31, 2022. The export duty on rapeseed at 30% is extended to August 31, 2022”, - the message says.
The floating export duty on sunflower oil at 70% is set for the period from September 1, 2021 to August 31, 2022. The duty will be charged from the difference between the basic price (1000 USD/t) and the indicative price (arithmetical average of market prices per month) reduced by the size of the adjusting factor (50 USD/t). The Agricultural Ministry will monitor the market to determine the indicative price. Information about the size of the duty will be promptly posted on the websites of government agencies.
“The decisions apply to products exported from Russia outside the EAEU. They will help to regulate the volume of export and reorient market participants to the export of agricultural products with high added value”, - the message says.