Russia’s Sunflower Oil Export Duty to Reach $227.2 Per Ton

BUSINESS TURKMENISTAN
Russia’s Sunflower Oil Export Duty to Reach $227.2 Per Ton
The export duty on sunflower oil for September is set at $169.9 per ton. (Photo: RIA Novosti)

The export duty on sunflower oil from Russia will rise to $ 227.2 per ton from October 1. It is calculated on the basis of an indicative price of $1,324.7 per ton, the Interfax news agency reported on Friday, citing data from the country's Ministry of Agriculture.

The export duty for September is set at $169.9 per ton, based on the indicative price of $1242.8 per ton, according to the report.

From September 1, Russia introduced a floating duty on the export of sunflower oil. The formula-based export tax on sunflower oil will operate until August 31, 2022.

The size of the export duty will be 70% and it will be levied on the difference between the base price ($1,000 per ton) and the indicative price (arithmetic average of market prices per month), reduced by the value of the adjustment factor ($50 per ton).

Russia this season also restricts the export of fat and oil raw materials. The export duty for sunflower seeds is set at 50%, but not less than $320 per ton, on the export of rapeseed - 30%, but not less than 165 euros per ton, on the export of soybeans - 20%, but not less than $100 per ton. All these duties will be valid until August 31, 2022. They do not apply to the supply of oilseeds to the EAEU countries.