Rusagro announces the introduction of formula-based export duty on sunflower oil and change of export duty on sunflower seeds08.04.21
Russian Prime Minister Mikhail Mishustin signed a decree on introduction of the formula-based export duty on sunflower oil and the change of export duty on sunflower seeds (Decree as of 6 April, 2021 No 546 and No 547). The decisions apply to products exported from Russia outside the EAEU.
The floating export duty on sunflower oil is set at 70% for the period from 1 September, 2021 to 31 August, 2022. The duty will be charged from the difference between the basic price (1000 USD/t) and the indicative price (arithmetical average of market prices per month) reduced by the size of the adjusting factor (50 USD/t). The Agricultural Ministry will monitor the market to determine the indicative price. Information about the size of the duty will be posted on the websites of government agencies.
Sunflower seeds will be subject to the export duty at 50% but not less than 320 USD/t for the period from 1 July, 2021 to 31 August, 2022. The export duty on rapeseed at 30% is extended to August 31, 2022.