AGL 8.48 Increased By ▲ 0.06 (0.71%)
ANL 10.89 Increased By ▲ 0.14 (1.3%)
AVN 78.40 Decreased By ▼ -0.50 (-0.63%)
BOP 5.60 Increased By ▲ 0.10 (1.82%)
CNERGY 5.48 Increased By ▲ 0.01 (0.18%)
EFERT 79.60 Decreased By ▼ -0.30 (-0.38%)
EPCL 68.20 Decreased By ▼ -0.80 (-1.16%)
FCCL 14.82 Decreased By ▼ -0.18 (-1.2%)
FFL 6.70 Increased By ▲ 0.25 (3.88%)
FLYNG 7.11 Decreased By ▼ -0.13 (-1.8%)
GGGL 11.60 Increased By ▲ 0.73 (6.72%)
GGL 17.41 Increased By ▲ 0.56 (3.32%)
GTECH 8.40 Increased By ▲ 0.28 (3.45%)
HUMNL 7.10 Decreased By ▼ -0.01 (-0.14%)
KEL 3.12 Increased By ▲ 0.07 (2.3%)
LOTCHEM 32.67 Increased By ▲ 0.15 (0.46%)
MLCF 28.60 Decreased By ▼ -0.01 (-0.03%)
OGDC 84.64 Increased By ▲ 0.14 (0.17%)
PAEL 16.68 Decreased By ▼ -0.12 (-0.71%)
PIBTL 5.97 Decreased By ▼ -0.03 (-0.5%)
PRL 18.25 Increased By ▲ 0.18 (1%)
SILK 1.14 Decreased By ▼ -0.01 (-0.87%)
TELE 11.20 Decreased By ▼ -0.12 (-1.06%)
TPL 9.12 Decreased By ▼ -0.08 (-0.87%)
TPLP 20.13 Increased By ▲ 0.13 (0.65%)
TREET 26.93 Increased By ▲ 0.50 (1.89%)
TRG 95.70 Increased By ▲ 0.31 (0.32%)
UNITY 20.56 Increased By ▲ 0.49 (2.44%)
WAVES 13.80 Decreased By ▼ -0.04 (-0.29%)
WTL 1.31 Decreased By ▼ -0.02 (-1.5%)
BR100 4,246 Increased By 8 (0.19%)
BR30 15,583 Increased By 29.3 (0.19%)
KSE100 42,529 Increased By 33.8 (0.08%)
KSE30 16,108 Increased By 27.6 (0.17%)

MOSCOW: Sanctions-hit Russia has reduced its sunflower oil export tax sharply after changing the formula it uses for calculating it to support shipments while its rouble currency hovers near multi-year highs, the agriculture ministry said on Saturday.

The sunflower oil export tax is set at 8,408.7 roubles ($163.3 at the current rate) per tonne for July, the ministry said in a note.

The tax for July was previously set in US dollars, at $560.1 per tonne.

The sharp reduction happened after the Russian government set the base price for the tax calculation on Friday at 82,500 roubles per tonne of sunflower oil instead of the previous $1,000 a tonne.

The new July tax is based on an indicative price of $1,800.2 per tonne, the agriculture ministry said.

Russia plans to ban sunflower seed exports, impose quota on sunoil

The rouble strengthened to seven-year highs this week, supported by capital controls, but is expected to depreciate in the longer term and lost almost 6% on Friday in Moscow trade.

It closed at 51.50 to the dollar on the interbank market on Friday, stronger than the Moscow close of 54.50.

Comments

Comments are closed.