Duty on sunflower oil exports from Russia to jump nearly threefold MoM in July; duty on meal to remain zero - Agriculture Ministry

MOSCOW. June 26 (Interfax) - The export duty on sunflower oil from Russia is set to jump nearly threefold month-on-month to 3,294.2 rubles per tonne in July from 1,337.5 rubles per tonne in June, the Agriculture Ministry said.

The export duty on sunflower meal is to be zero as in May and June.

The indicative prices used to calculate the duties for sunflower oil were $1,297.20 per tonne versus $1,292.30 per tonne a month ago, and $215 per tonne for meal versus $200.30 per tonne, respectively.

The duty is 70% of the difference between the base price and the indicative price, which is the arithmetic mean of market prices for the month.

The duties for May were calculated using the new base prices set by the government this week. Thus, the base export price for sunflower oil increased from 82,500 to 90,750 rubles per tonne and from 15,875 to 17,463 rubles per tonne for sunflower meal.

The Russian government implemented the "sunflower damper" mechanism on September 1, 2021, with duties initially calculated in dollars, and in rubles as pf July 2022.

In August 2024, the floating duties were extended for two years, until September 1, 2026. In October 2025, the government extended them until August 31, 2028.