Russia to introduce a floating duty on sunflower oil
2021-04-09 08:20

Russia to introduce a floating duty on sunflower oil

A floating duty on sunflower oil exports will be introduced in Russia.

The new measure is planned to be introduced from September 1 this year to August 31, 2022, RIA Novosti news agency reports.

The Government has introduced a 70% duty to be paid on the difference between the base price ($1,000 per ton) and the indicative price (arithmetic average of the market prices per month) decreased by the adjustment factor ($50 per ton).

Earlier, the adjustment of the export duty on sunflower seeds was approved. It will amount to 50% of the customs value, but no less than $320 per ton.

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Author: Kseniya Gustova