What are the consequences for the global market of Russia's export restrictions on sunflower oil?

Published 2022년 4월 1일

Tridge summary

Russia has imposed a quota of 1.5 million tons on the export of sunflower oil and meal, and has banned the export of sunflower and rapeseed seeds, in an effort to protect the domestic market from rising global prices. Despite these restrictions, the decision is not expected to significantly impact the global market, as Russia is the world's second largest supplier of sunflower oil. However, long-term export restrictions could lead to a decrease in production in Russia, and consumers in regions with a lower standard of living could be greatly affected. The article also mentions a ban on the export of Russian grain and sugar to several countries, with an exception for deliveries within an agreed quota of 11 million tons.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Russia limits the export of sunflower oil. From April 15 to August 31, a quota of 1.5 million tons of the product is introduced, as well as the feed produced from it - the so-called meal. This volume will be distributed among manufacturers on a historical basis. At the same time, already on April 1, the Ministry of Agriculture completely prohibits the export of sunflower and rapeseed seeds. Thus, as stated in the department, the authorities are trying to protect the domestic market against the backdrop of rising world prices. Will such a measure be effective? And what are the implications for the global market? Andrey Sizov, director of the Sovecon analytical center, answered these questions for Kommersant FM: “Russia has harvested a record harvest, there is a lot of sunflower in the country. And, strictly speaking, the fact that export is prohibited does not change much, because even before that the process had already been stopped, those duties that were, they were in fact ...

Source: Oilworld