Russia's export duty on sunflower oil remains zero in Sept, sunflower meal jumps 1.5-fold - Agriculture Ministry

MOSCOW. Sept 2 (Interfax) - The duty on exporting sunflower oil from Russia has remained zero for the sixteenth consecutive month in September since June 2023, and the duty on exporting sunflower meal has jumped 1.5-fold, the Agriculture Ministry said.

The duty on exporting sunflower meal has jumped 1.5-fold month-on-month to 2,880.7 rubles per tonne from 1,869.7 rubles per tonne in August.

The duties are based on indicative prices of $823.60 per tonne for sunflower oil versus $798.30 per tonne the previous month, and $222.30 per tonne for sunflower meal against $211.20 per tonne.

The baseline price for calculating the duty on sunflower meal increased by 2,000 rubles to 15,875 rubles per tonne as on September 1, 2023, while the duty on sunflower oil remained 82,500 rubles per tonne.

Duties have been calculated in rubles since July 2022 rather than in dollars as previously. The duty on sunflower oil is 70% of the difference between the baseline price of 82,500 rubles per tonne and the indicative price, which is the average market price for the month. The export duty for sunflower meal is calculated using a formula that is the difference between the indicative price and the baseline price of 15,875 rubles per tonne, multiplied by an adjustment factor of 0.7.

As reported, the Russian government has extended duties on exporting sunflowers, soybeans, sunflower oil, and meal until August 31, 2026.

"The timeframe of the export duty on sunflower seeds in the amount of 50%, but not less than 32,000 rubles per tonne, and soybeans in the amount of 20%, but not less than $100 per tonne, is extended until August 31, 2026, as well as the term of the floating rates for export customs duties on sunflower oil and sunflower meal," the government said on social media last week.