MOSCOW: Russia is set to extend its export duty on sunflower oil by one year in order to avoid shortages on the domestic market, the economy ministry told Reuters on Wednesday.
Russia and Ukraine are the world’s largest producers of sunflower oil, and export millions of tonnes to major buyers like India each year.
Moscow originally announced export quotas on the oil last March to ease pressure on domestic prices, but later replaced the quotas with duties.
The duty varies from month to month and is set by the agriculture ministry.
It will now continue for another year until Aug. 31, 2024.
Russia will also extend its export duty on sunflower seeds, currently set at a minimum of $320 per tonne, as well as on sunflower meal, which is used for animal feed.
Moscow will continue to ban the export of rapeseeds until at least Feb. 29, 2024.
Comments
Comments are closed for this article.