Last Tuesday, the Government of the Russian Federation approved the introduction of a floating export duty on sunflower oil from September 1 and a change in the duty on the export of sunflower from July 1 outside the Eurasian Economic Union. Railway operators predict an increase in sunflower oil export volumes in the short term. However, in the fall, a decrease in export deliveries and an increase in domestic traffic are expected. At the same time, the geography of oil supplies in the domestic market will remain unchanged.
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As reported on the official website of the Government of the Russian Federation, the adjustment of duties is part of a package of measures to stabilize food prices, developed by the government on behalf of the President of Russia. From September 1, 2021 to August 31, 2022, a 70% floating export duty for sunflower oil will be introduced. The duty will be levied on the difference between the base price ($ 1,000 per tonne) and the indicative price (arithmetic average of market prices per month), reduced by the value of the adjustment coefficient ($ 50 per tonne). To establish an indicative price, the Ministry of Agriculture of the Russian Federation was instructed to constantly monitor market prices for sunflower oil. Information on the amount of the fee will be posted on the agency's website. The calculated rates of export customs duties on sunflower oil will be applied starting from the 1st day of the month. The duty applies to products exported from Russia outside the Eurasian ...
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