30 Jun 2022 13:47

Export duty on Russian sunflower oil, meal could be extended for year to Aug 31, 2023 - draft resolution

MOSCOW. June 30 (Interfax) - The export duty on sunflower oil and sunflower meal from Russia could be extended for one year until August 31, 2023, according to a draft resolution seen by several agricultural market players.

The draft stipulates converting the calculation of export duties for these products and wheat, barley, and corn into rubles. The basic price for calculating the duty on sunflower oil could be 82,500 rubles per tonne and 13,875 rubles per tonne for sunflower meal. The basic price for calculating the duty on wheat could be 15,000 rubles per tonne, and it could be 13,875 rubles per tonne for barley and corn.

"The average exchange rate of the U.S. dollar to the currency of the Russian Federation established by the Central Bank of the Russian Federation five working days prior to the date of calculation of the rate of the export customs duty on grains" will be used in the calculation formula to convert the duty into rubles.

The duty on sunflower oil is currently 70% of the difference between the base price of $1,000 per tonne and the indicative price, which is the average market price for the month, reduced by the adjustment factor, i.e., $50 per tonne.

The export duty for sunflower meal is calculated using a formula that is the difference between the indicative price and a basic price of $185 per tonne multiplied by an adjustment factor of 0.7.

The formula for the duty on wheat will replace $200 per tonne with 15,000 rubles per tonne, and 13,875 rubles per tonne will replace $185 per tonne in the formula for barley and corn.

The subcommittee on customs tariff and non-tariff regulation and protective measures in Russia's foreign trade decided to adjust the formula for calculating the rate of the export customs duty on grain, sunflower oil, and sunflower meal. "The goal of such an adjustment is to reduce the impact of currency exchange rates on the size of the export duty and convert its calculation into rubles," the Economic Development Ministry said.