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Russian export duty for sunflower seeds comes into effect

Russian export duty for sunflower seeds comes into effect
An export tax on sunflower seeds and rapeseed, approved by the Russian government earlier this year in an effort to curb rising food prices, came into effect in the country on Thursday.

The 50% export duty for sunflower seeds, at no less than $320 per ton, will be effective till August 31, 2022. The previously introduced 30% export duty for rapeseed is prolonged until the same date.

At the same time, export tax for soybeans has been reduced. Starting from July 1, the duty is calculated as 20% of the customs value of the product, but no less than $100 per ton. The export tax for soybeans had previously been 30%.

The lowering of the tariff will allow Russian farmers to export part of their produce. At the same time, the measure is expected to prevent domestic soybean prices from growing.

Also on rt.com Russia’s agricultural growth will curb rising domestic food prices – Putin

In December 2020, Moscow announced a package of measures aimed at stabilizing domestic food prices. The steps include extending retail price cuts on Russian-made sugar and sunflower oil, and introducing quotas for exports of grains, as well as export duties for wheat, barley, corn, and soy.

For more stories on economy & finance visit RT's business section

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