Russia plans to introduce export duties on shipments of Soy following President Vladimir Putin’s call to cool down food price inflation.
A subcommittee on customs and tariff regulation approved a soy export duty of 30%, but not less than 165 euros (US $ 202) per tonne, Interfax Newswire reported Saturday, citing a person it did not name. The rate will go into effect on February 1 and will remain in effect until June 30, according to the report.
Russia is working to curb food price inflation after Putin said earlier this month that he was surprised by steep price increases for staples such as bread and sunflower oil.
The government proposed a 25-euro-a-ton levy on wheat from mid-February to the end of June, while pushing ahead with a previously announced grain export quota for the same period, Economy Minister Maxim said on Monday. Reshetnikov. This week, the government also signed an agreement with producers of sunflower oil and sugar for price stabilization.
Russia is boosting soybean sales abroad this year and could have increased shipments by 70% annually to more than 1.5 million tonnes, RIA Novosti reported last month, citing data from Rosselkhozbank. China and Belarus are the main export destinations.
