MIL OSI Translation. Region: Russian Federation –
The export duty on sunflower will be adjusted, and sunflower oil will be subject to a floating customs duty, which will stabilize prices for these goods on the domestic market. Such decisions were approved by the Chairman of the Government Mikhail Mishustin.
From July 1, 2021 to August 31, 2022 inclusive, sunflower (1000 kg) will be subject to an export duty at a rate of 50%, but not less than $ 320 per 1 ton. In addition, the 30% duty on rapeseed will be extended until August 31, 2022.
With regard to sunflower oil, from September 1, 2021 to August 31, 2022, a floating export duty of 70 percent is introduced. It will be charged from the difference between the base price (1 thousand dollars per ton) and the indicative price (the arithmetic average of market prices per month), reduced by the value of the adjustment coefficient (50 dollars per 1 ton). To establish an indicative price, the Ministry of Agriculture was instructed to constantly monitor the market. Information about the amount of the duty will be promptly posted on the websites of government agencies.
The solutions apply to products exported from Russia outside the EAEU. They will help regulate the volume of export and reorient market participants to the export of agricultural products with high added value.
The adjustment of duties is part of a package of measures to stabilize food prices developed by the Government on behalf of Russian President Vladimir Putin. As part of this work, tools were developed to support millers and bakers, subsidies for sugar and sunflower oil producers were provided, special agreements were concluded with market participants and the monitoring system was improved. For a prompt response to the situation, an interdepartmental working group was also formed under the leadership of First Deputy Prime Minister Andrei Belousov.
The document will be published.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.