Russia will remove the export duty on sunflower

Deputy Prime Minister of Russia Victoria Abramchenko instructed the Ministry of Agriculture, the Ministry of Economic Development, the Ministry of Industry, the Ministry of Finance and the Federal Antimonopoly Service (FAS) to study the abolition of the export duty on sunflower, World of NAN reports with reference to rg.ru.

The export duty on sunflower in Russia is 50%, but no less than 320 dollars per ton. It is valid until August 31, 2023. Recently, Arkady Zlochevsky, President of the Russian Grain Union, said that sunflower reserves in Russia are enormous. Processors are no longer buying sunflowers, so prices have dropped by a third over the last three weeks, from 30,000 to 20,000 roubles per ton. In his opinion, the situation is close to a disaster.

The price collapse occurred because of the large supplies to the plants, including those from the annexed territories. According to Zlochevsky the problem has already been discussed in the State Duma and one of the possible solutions to the problem was the abolition of the export duty.

The processors are against the cancellation of the duty. Mikhail Maltsev, the Executive Director of the Oil and Fats Union, explained that the sunflower prices have decreased following the export prices of sunflower oil. And last week they fell by a quarter.

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