Russia has suspended export duties on sunflower oil and meal until 31 August to boost shipments and support local producers, saying domestic supply is stable and the move will not affect availability for Russian consumers.
In a move aimed at boosting exports and supporting local producers, the Russian government announced on Friday (25 July) that it will suspend its floating export duties on sunflower oil and sunflower meal. The decision, effective immediately, is expected to increase overseas shipments without impacting domestic availability.
The export duty, originally introduced in 2021 to shield Russian consumers from soaring food prices, was set at 4,739 roubles (around $59.61) per ton in July. But with domestic supply now stable, officials say the temporary removal of the tariff is timely and beneficial.
“At present, the domestic market is fully supplied with sunflower oil. Therefore, the suspension will not affect the availability of sunflower oil for Russians,” the government said in an official statement.
The country’s agricultural export agency, Agroexport, welcomed the government’s decision to suspend export duties, saying it will help increase shipments abroad and support farmers and processing companies.
Experts in the industry agree. Dmitry Rylko, head of the Institute for Agricultural Market Studies (IKAR) consultancy, expects Russia to export around 350,000 tons of sunflower oil in August. He noted that total exports for the current season (2024/25) will likely reach 4.7 million tons slightly below last year’s record of 5.3 million tons but signs of recovery are emerging.
Russia is one of the world’s top producers and exporters of sunflower oil, a status it shares with neighbouring Ukraine. Together, the two countries account for over 50% of global sunflower seed production and nearly 75% of all sunflower oil and meal exports, according to the U.S. Department of Agriculture.
With the suspension in place until 31 August, international buyers and local producers will be watching closely to see if the measure could be extended beyond that date.
The European Union has added $17.4 million to its ongoing partnership with the United Nations World Food Programme (WFP) in Afghan...
Russian air attacks have killed at least 12 people and injured several others in Kyiv and the surrounding region early on Tuesday, marking the sixt...
Israel and Greece have signed a €3 billion defence agreement that will see Israel build a new multi-layered air-defence system for Greece. It ...
Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan have concluded talks in Bishkek, the capital of Kyrgyzstan, as leaders gather for the Shanghai Cooperation Organisation (SCO) summit.
U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday, with Tehran responding by launching ballistic missiles at two U.S. bases in Jordan in the first direct U.S.-Iran military escalation in weeks.
Leaders of the Shanghai Cooperation Organisation (SCO) are gathering in Bishkek for a summit focused on trade, investment and transport as the group marks 25 years since its creation.
Iran has reached an understanding with Oman on transit arrangements through the Strait of Hormuz, but the waterway will remain closed until the U.S. fulfils its commitments, a senior Iranian diplomat said on Saturday.
Russia views NATO’s growing military activity in the Arctic as a direct threat to its national security, Foreign Minister Sergei Lavrov said.
Uzbekistan's President Shavkat Mirziyoyev has held a series of bilateral meetings on the sidelines of the Cooperation Organisation summit in Bishkek, with China, Russia, Pakistan, the United States and the United Nations among the key partners on Uzbekistan’s agenda.
The death toll from last week's catastrophic floods in Nepal and Tibet surpassed 1000 on Tuesday, with about 4,000 people, including 590 foreign nationals from 39 countries, still missing, as fresh rainfall pushed up river levels and forced rescuers to move to higher ground.
Russian air attacks have killed at least 12 people and injured several others in Kyiv and the surrounding region early on Tuesday, marking the sixth consecutive day of strikes on the Ukrainian capital.
Chinese President Xi Jinping is due to begin an official visit to Egypt on Tuesday (1 September), his first trip to the country in a decade, as Beijing and Cairo look to deepen political, economic and development cooperation.
Russian air attacks on Kyiv and the surrounding region have killed 12 people and injured several others, Ukrainian officials said, marking the sixth consecutive day of strikes. The attacks come as Moscow intensifies its use of drones and ballistic missiles against Ukraine.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment