1 Jul 2022 19:31

Russian govt adopts resolution to convert export duties on grain, sunflower oil and meal into rubles

MOSCOW. July 1 (Interfax) - The Russian government has adopted a resolution to convert the export duties on grain, sunflower oil, and sunflower meal from Russia into rubles and extend the export duties on sunflower oil and meal for a year until August 31, 2023.

The resolution was signed on June 30, 2022 and has been published on the official portal for legal information.

The basic price for calculating the export duty will be 15,000 rubles per tonne for wheat and 13,875 rubles per tonne for barley and corn within the framework of the conversion into rubles. Sunflower oil will have a basic price of 82,500 rubles per tonne, and the basic price for sunflower meal will be 13,875 rubles per tonne.

"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.