From March, the Russian Federation will maintain a zero export duty on sunflower oil

Refined Sunflower Oil
Published Feb 26, 2024

Tridge summary

Russia's Ministry of Agriculture will maintain a zero duty on sunflower oil exports for the ninth month in a row, a move likely aimed at supporting agricultural producers. The duty on meal will also decrease. This comes after the introduction of a floating export duty on sunflower oil and meal in 2021. The article also discusses the use of currency as a pricing measure, suggesting it can provide a more objective price and reduce the burden on agricultural producers, particularly in comparison to its use for grains.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Starting next month, the Ministry of Agriculture will still not impose a duty on the export of Russian sunflower oil, according to the ministry’s materials. It was first canceled for this product in July last year. Thus, it will remain zero for the ninth month in a row. The authorities did not give an official reason for this measure. One option could be to support agricultural producers by analogy with barley, for which it was also temporarily reset to zero on June 7. The fact is that the abolition of all export restrictions simplifies the sale of products, since it becomes easier for the importer to purchase products. The last time before this, the lowest value was introduced in May last year, when it was 1,122.2 rubles. Apparently, this was a preparatory stage for its complete abolition. For meal, the rate will decrease from 4,321.3 to 4,227 rubles per ton. Since January, its growth began to be observed, which could be associated with the achievement of a “psychological ...
Source: Rosng
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