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Russian govt slaps 50% export duty on sunflower seeds from July 1

MOSCOW, Mar 29 (PRIME) -- The Russian governmentТs sub-commission for customs and tariff regulation has approved introduction of an export duty on sunflower seeds of 50% but no less than U.S. $320 per tonne from July 1, 2021 through September 1, 2022, the Economic Development Ministry said in a statement on March 27.

УAt a meeting, a proposal of the Agriculture Ministry to introduce an export duty on sunflower seeds amounting to 50% but no less than $320 per tonne from July 1, 2021 through September 1, 2022 was supported,Ф the statement read.

The duty should keep sunflower seeds in the country to protect Russians from fluctuations of international prices and stabilize retail prices for sunflower oil, the ministry said.

The commission also approved a floating duty on exports of sunflower oil that would be in effect from September 1, 2021 through September 1, 2022.

УIntroduction of a damper on exports of sunflower oil was supported. The export duty will amount to 70%, and it will be applied to the difference between the benchmark and the indicative prices. The benchmark price will be set at $1,000, and the indicative price will be defined on the basis of data provided by Reuters,Ф the ministry said.

In addition to that, the commission thought it would be reasonable to prolong the current export duty on rapeseeds, which amounts to 30% but no less than 165 euros per tonne, for the duration of the sunflower seed duty until September 1, 2022.

Russia will suggest that the Eurasian Economic Commission introduce a tariff preference for imports of sugar from May 15 through September 1, 2021. The upper threshold of the preference tariff for Russia will amount to 350,000 tonnes, the ministry said.

Managing Director of the Oil and Fat Union of Russia Mikhail Maltsev told reporters that the prohibitive export duty on sunflower seeds and the floating duty on sunflower oil should ensure profitability of sunflower seed processers and affordability of the product for the Russians.

УWe expect that the new measures would ensure a consistent margin of 5Ц10% for еру processing companies. At the same time, the products will remain affordable for the people even after the agreements on restriction of price growth expire,Ф he said.

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29.03.2021 08:37
 
 
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