The export duty on sunflower oil in the amount of 70% will be levied on the difference between the base and indicative prices, while the base price is set at $ 1,000, and the indicative price will be determined based on Reuters data. The duty is planned to be established for a year from September 1.
"According to the Ministry of Agriculture of Russia, the effect of the floating duty will help to increase the predictability of the market and maintain stable prices for sunflower oil for the population," the Ministry said.
In addition, from July 1, it is planned to extend the export duty on rapeseed seeds in the amount of 30%, but not less than 165 euros per ton until September 1, 2022.
The duties were approved at a meeting of the government subcommittee, which was also attended by representatives of the Ministry of Agriculture, the Ministry of Finance, the Ministry of Industry and Trade, the Federal Antimonopoly Service, the Federal Customs Service and the government apparatus.
In addition, at the meeting, it was decided to submit to the Eurasian Economic Commission a proposal to abolish the import duty on the import of white sugar for the period from May 15 to September 1, 2021 for an amount of up to 350,000 tons.
Since the end of last year, the Russian authorities have been trying to impose restrictions on exports and domestic prices, explaining this by the need to curb the rise in food prices on the domestic market.
At the beginning of last week, the Russian government announced plans to extend the agreements on the containment of sugar prices until June 2021, and for sunflower oil - until October.
The Ministry of Economics also said that in order to support the producers of butter and sugar, the Ministry of Agriculture is working out subsidies for the production and sale of these products.
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Source of information Reuters News