Russia has introduced a floating duty on sunflower oil exports. According to a Russian government decree, it will be effective until 31 August 2022.

The amount of the duty will be 70% of the difference between the base price ($1,000 per ton) and the indicative price (arithmetic average of market prices for the month) reduced by the adjustment factor ($50 per 1 ton).

The duty for September has already been set, it will amount to $169.9 per ton, calculated based on the indicative price of $1242.8 per ton.

It should be noted that the indicative price is set by the Russian Ministry of Agriculture on the basis of constant market monitoring.

Let's remind, according to the Federal Customs Service, in 2020 the country exported 8.1 million tons of oil and fat products - by 12% more than a year earlier. In price terms, supplies increased by 22%, up to $5 billion. Sunflower oil was the driver of growth - export volumes amounted to 3.7 million tons (19% growth) for $2.8 billion (28% growth).

In April this year it was decided to introduce an export duty on these types of goods. On July 1st a fee was also introduced for the export of rapeseed - 30%, but not less than 165 euros per ton, while for the export of soybeans - 20%, but not less than $100 per ton. These duties will be in force until August 31, 2022. They do not apply to deliveries of oilseeds to the EAEU member states.

Made in Russia / Made in Russia

Author: Maria Buzanakova