EEC approves duty-free quota for Russia to import 25,000 tonnes of butter until June 15, 2025

MOSCOW. Nov 29 (Interfax) - The Eurasian Economic Commission Council on Friday approved a tariff concession in the form of an exemption from import customs duty on butter for Russia and Armenia.

The EEC trade department said the quota for Russia would be 25,000 tonnes, although Russia had initially requested 30,000 tonnes, and the quota for Armenia would be 2,000 tonnes.

The measure will be in effect from the date it comes into force, 10 days after publication, until June 15, 2025.

"The measure is needed to ensure additional butter supply on the domestic market to contain price growth and prevent shortages. The butter supplied can be used both for food production and for sale in retail trade," the statement quotes EEC Trade Minister Andrei Slepnev as saying.

Imports can be carried out from Iran and India, among other countries, he said.

Slepnev said the decision would ensure a balance of supply and demand in the short term without detriment to the production of other dairy products, given the resource base limitations.

Russia in early November asked the EEC for a six-month tariff exemption to import up to 30,000 tonnes of butter (HS Code 0405 10).

The basic duty on butter imports is 15%, but not less than 0.22 euros per kilo.

Rosstat said butter prices in Russia had risen 31.6% between January 1 and November 25.