Russia's export duty on sunflower oil jumps to 2,891.1 rubles/tonne in Nov from zero for first time since June 2023 - Agriculture Ministry

MOSCOW. Nov 1 (Interfax) - The duty on exporting sunflower oil from Russia is 2,891.1 rubles per tonne in November after being zero since June 2023, and the duty on exporting sunflower meal has risen to 3,422 rubles per tonne from 2,927.6 rubles per tonne in October, the Agriculture Ministry said.

The duties are based on indicative prices of $897 per tonne for sunflower oil versus $862.20 per tonne the previous month, and $215 per tonne for sunflower meal against $217.40 per tonne.

The baseline price for calculating the duty on sunflower meal increased by 2,000 rubles to 15,875 rubles per tonne as on September 1, 2023, while the duty on sunflower oil remained 82,500 rubles per tonne.

Duties have been calculated in rubles since July 2022 rather than in dollars as previously. The duty on sunflower oil is 70% of the difference between the baseline price of 82,500 rubles per tonne and the indicative price, which is the average market price for the month. The export duty for sunflower meal is calculated using a formula that is the difference between the indicative price and the baseline price of 15,875 rubles per tonne, multiplied by an adjustment factor of 0.7.

As reported, the Russian government in August extended duties on exporting sunflowers, soybeans, sunflower oil, and meal until September 1, 2026.