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MIL OSI Translation. Region: Russian Federation –

08/09/2021

The duty on the export of sunflower oil from Russia from September 1, 2021 will be $ 169.9 per ton. This is stated in the materials of the Ministry of Agriculture.

The duty is calculated based on the indicative price of $ 1242.8 per ton.

According to the decision adopted by the Russian government in April, a floating 70% export duty will be introduced on sunflower oil from September 1, 2021 to August 31, 2022. It will be charged from the difference between the base price ($ 1,000 per tonne) and the indicative price (the arithmetic average of market prices per month), reduced by the value of the adjustment coefficient ($ 50 per 1 tonne). To establish an indicative price, the Ministry of Agriculture of the Russian Federation 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 decision applies to products exported from Russia outside the EAEU. According to the government, this will help regulate export volumes and reorient market participants to the export of agricultural products with high added value.

Source: TASS

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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