MIL OSI Translation. Region: Russian Federation –
The Russian government approved the introduction of a floating export duty on sunflower oil from September 1 and a change in the duty on sunflower from July 1. This was reported by the press service of the Cabinet.
“The export duty on sunflower will be adjusted, and sunflower oil will be subject to a floating customs duty, which will stabilize the prices of these goods on the domestic market. Such resolutions were approved by the Prime Minister of the Russian Federation Mikhail Mishustin. From July 1, 2021 to August 31, 2022, including 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, until August 31, 2022, the 30% duty on rapeseed will be extended, “the message says.
From January 9 to June 30, 2021, the export duty on sunflower and rapeseed in Russia was increased from 6.5 to 30%, but not less than € 165 per ton. A duty on the export of soybeans in the same amount was introduced from February 1 to June 30, 2021.
In the message of the Cabinet of Ministers, it is also noted that a floating 70 percent export duty will be introduced with respect to sunflower oil from September 1, 2021 to August 31, 2022. It will be charged from the difference between the base price ($ 1 thousand per ton) and the indicative price (the arithmetic average of market prices per month), reduced by the value of the adjustment coefficient ($ 50 per 1 ton). To establish an indicative price, the Ministry of Agriculture was instructed to constantly monitor the market. Information on 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 export volumes and reorient market participants to the export of agricultural products with high added value.
The press service of the Cabinet of Ministers indicated that 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 of the Russian Federation Andrei Belousov.
A source: TASS
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.