Russia To Impose 30% Tariff On Soybean Export From February 1 To June 30

Russia will introduce an export duty on soybean shipments of 30 percent, but not less than 165 euros ($202) per tonne from February 1 through June 30 to all countries except the Eurasian Economic Union member states, according to a government decree published on the official portal of legal information on Monday

MOSCOW (UrduPoint News / Sputnik – 04th January, 2021) Russia will introduce an export duty on soybean shipments of 30 percent, but not less than 165 Euros ($202) per tonne from February 1 through June 30 to all countries except the Eurasian Economic Union member states, according to a government decree published on the official portal of legal information on Monday.

The proposal to impose soybean export tariffs was approved by the subcommission on customs and tariff regulation in December. The Russian Ministry of Economic Development has said that the introduction of the duty was due to the global spike in prices for the product and was aimed at providing raw materials for processing industries within the country.

The decision, as noted by the ministry, is intended to prevent an increase in prices for soybean oil and soybean meal, which are used in the food industry.

As of December 16, the cost of soybeans in Russia amounted to 35,655 rubles ($480) per tonne, which is 65 percent higher than on December 19, 2019, according to the Russian Agriculture Ministry.

Additionally, the Agriculture Ministry and the Federal Antimonopoly Service will monitor the price of soybeans and soybean meal from February until the end of June to prevent price hikes on the domestic market.

UrduPoint

Tags: Sarhad Textile Mills Limited, Industry, Russia, price, agriculture, Oil, February, June, December, 2019