Soybean production in Primorye, Russia.
Photographer: Yuri Smityuk / TASS / Getty Images
Photographer: Yuri Smityuk / TASS / Getty Images
Russia plans to introduce export duties for soybean shipments following President Vladimir Putin’s call to cool food price inflation.
A subcommittee on customs and tariff regulation approved a 30% soybean export duty, but not less than 165 euros ($ 202) per tonne, Interfax reported on Saturday, citing a person it did not name. The rate will take effect on Feb. 1 and will remain in effect until June 30, according to the report.
Russia is working to curb food price inflation after Putin said earlier this month that he was surprised by sharp rises in commodity prices such as bread and sunflower oil.
The government proposed a rate of 25 euros per tonne on wheat from mid-February to the end of June, although it was also moving forward with a previously announced grain export quota for the same period, the minister said on Monday. of Economics, Maxim Reshetnikov. This week, the government also signed an agreement with producers of sugar and sunflower oil for price stabilization.
Russia is increasing overseas soybean sales this year and could have increased shipments by 70% annually to more than 1.5 million tonnes, RIA Novosti reported last month citing data from Rosselkhozbank. China and Belarus are the main export destinations.
Separately, the subcommittee approved 5% of the export duty on steel scrap exports, up to limiting the minimum level to 45 euros per tonne, Interfax newswire reported, citing the Ministry of Economy. The measure, among other things, is needed to prevent price increases in the construction segment, he said.
(Adds an increase in steel scrap right in the last paragraph.)