An export tax on sunflower seeds and rapeseed, approved by the Russian government earlier this year in an attempt to curb rising food prices, went into effect in the country on Thursday.
The 50% export duty on sunflower seeds, at no less than $ 320 per tonne, will be in effect until August 31, 2022. The previously introduced 30% export duty for rapeseed is extended to on the same date.
At the same time, the export tax on soybeans has been reduced. As of July 1, the duty is calculated at 20% of the customs value of the product, but not less than $ 100 per tonne. The export tax for soybeans was previously 30%.
Lowering the tariff will allow Russian farmers to export part of their production. At the same time, the measure is expected to prevent rising domestic soybean prices.
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In December 2020, Moscow announced a package of measures aimed at stabilizing food prices in the domestic market. The measures include the extension of retail price cuts on Russian-made sugar and sunflower oil, and the introduction of quotas for grain exports, as well as export duties for wheat, the barley, corn and soybeans.
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