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Russian Govt Export Duties On Sunflower Oil And Meal Became Zero From October

RUSSIA : Export duties on sunflower oil and sunflower meal from Russia will be zero in October, the Ministry of Agriculture reports.In September, the duty on butter was 8,621.3 rubles per ton, on meal – 1,578.5 rubles per ton.

The zeroing of duties is associated with a decrease in indicative prices. Indicative prices for oil amounted to $1,244 per ton ($1,583 per ton a month ago), for meal – $177 per ton ($269.3).

Since July, duties are calculated in rubles, and not in dollars, as before. The resolution providing for this and signed on June 30, 2022, also fixes the extension for a year, until August 31, 2023, of the duty on the export of sunflower oil and sunflower meal.

According to the resolution, as part of the transfer of duties to rubles, the base price for calculating the export duty for sunflower oil is 82,500 rubles per ton (instead of $1,000, which were taken into account earlier), for meal – 13,875 rubles (instead of $185) per ton. For conversion into rubles.

The formula for calculating duties includes such an indicator as “the arithmetic average of the US dollar against the currency of the Russian Federation, established by the Central Bank of the Russian Federation for 5 working days preceding the date of calculating the export customs duty rate for grain crops.”

The amount of duty on sunflower oil is 70% of the difference between the base price (82,500 rubles per ton) and the indicative price (arithmetic average of monthly market prices)

The export duty on sunflower oil and meal is calculated by the formula as the difference between the indicative price (arithmetic average of market prices for the month) and the base price (13,875 rubles per ton), multiplied by the value of the adjustment coefficient (0.7).

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