Russian fertilizer industry indicators do not currently give grounds for adjusting export duties - Industry and Trade Ministry

MOSCOW. Jan 25 (Interfax) - Mineral fertilizer industry indicators currently do not allow for discussions on adjustment or abolition of export duties, Deputy Industry and Trade Minister Mikhail Yurin told reporters on the sidelines of the Russia Exhibition and Forum.

"The first stage [of discussions] has been held, but so far the figures do not allow us to come to the point where we can make any decisions on the abolition [of export duties]," he said, commenting on earlier proposals to adjust the tax regime for ammonia and potassium chloride.

"There are currently no decisions on adjustment or abolition of export duties on mineral fertilizers," Yurin said.

"We are constantly monitoring the impact of this measure on the profitability of every particular type of mineral fertilizer, every specific company, and if some critical situations arise, we of course initiate discussions together with the Economic Development Ministry, with the government on the possibilities of adjustment," the deputy minister said.

An export duty tied to the ruble exchange rate for a wide range of goods was imposed by the government starting on October 1, 2023, and will be in effect through the end of 2023. For fertilizers, the duty is 10% at a rate exceeding 80 rubles/$1 and 7% under than rate.

In the autumn, there were discussions under the auspices of the Industry and Trade Ministry about lifting the export duty tied to the ruble rate for ammonia and methanol, and about a possible reduction in the rate for potash fertilizers to 3%, an industry source told Interfax.