Russia could hike duty on soybean exports to 30% - industry union

MOSCOW. July 24 (Interfax) - The Russian government could hike the duty on soybean exports to 30% starting September 1, 2026, Mikhail Maltsev, executive director of the Oil and Fat Union, said on Friday at the Where the Margin is 2026 summer conference.

"We hope to enter the new season [starting September 1, 2026] with a new duty rate of 30%. We are awaiting the decision from the regulator. This should prevent the distortions that occurred in exports this year," Maltsev said.

The current duty is insufficient to protect the domestic soybean processing market, Maltsev said.

The duty is currently 20%, though not less than $100 per tonne, and it is valid until August 31, 2026, inclusive.