Russia: The customs subcommittee approved a ban on sugar exports

Published 2024년 4월 8일

Tridge summary

Russia's Subcommittee on Customs, Tariff and Non-Tariff Regulation, and Protective Measures in Foreign Trade has implemented a ban on sugar exports until August 31, 2024, to maintain adequate domestic reserves. This decision was made in response to a surge in sugar exports, which saw a 3.3-fold increase to over 700 thousand tons from August 1, 2023, to the end of February 2024, compared to the previous season. The ban is intended to stabilize the domestic sugar market, amidst concerns about its impact on Russia's established sugar export markets. With the country's sugar production expected to reach 6.8 million tons for the season, and domestic consumption projected at around 6 million tons, the move aims to ensure a balance between production and consumption within Russia.

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

Original content

The Subcommittee on Customs, Tariff and Non-Tariff Regulation, and Protective Measures in Foreign Trade approved a ban on the export of sugar from Russia until August 31, 2024, Interfax writes, citing market sources familiar with the subcommittee’s decision. After the decision is published, companies may be given five working days to complete or cancel the shipment of sugar for export, the Sugar.ru portal clarifies. In March, the Ministry of Agriculture published a draft government decree banning the export of white sugar and raw beet sugar to foreign markets. It was assumed that the restrictions would not apply to sugar shipped to the EAEU countries within the volumes provided for by the indicative balances. Interfax previously reported that the need to ban exports was explained by “concerns about the increased supply of sugar abroad” and the need to ensure sufficient carry-over sugar reserves for the new season. In mid-March, the Ministry of Agriculture estimated that from ...

Source: AgroInvestor