Russia to impose export duties on soybeans, scrap metal
- The ministry said the 5% temporary export duty on ferrous metal waste and scrap, as well as a minimum price of 45 euros per tonne.
- Russia's export duty on soybeans, which will come into force on Feb. 1 and last until June 30, will be 30% and there will be a minimum price of 165 euros per tonne.
MOSCOW: Russia will impose tariffs on the export of soybeans and scrap metal to ensure domestic firms have sufficient raw materials, the Economy Ministry said on Saturday.
The ministry said the 5% temporary export duty on ferrous metal waste and scrap, as well as a minimum price of 45 euros per tonne, was designed to counter the threat of shortages.
"The measure ... is aimed at providing Russian metallurgical firms with the necessary raw materials," the ministry said in a statement.
Russia's export duty on soybeans, which will come into force on Feb. 1 and last until June 30, will be 30% and there will be a minimum price of 165 euros per tonne, the ministry said.
It said the tariff on soybeans was a response to increasing global prices.
Russia on Tuesday imposed a grain export quota and a wheat export tax in a bid to stabilise food prices. President Vladimir Putin criticised food price inflation earlier this month.
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