The duty on the export of sunflower oil from Russia from February 1 will decrease to $ 251.4 per ton

The duty on the export of sunflower oil from the Russian Federation from February 1 will decrease to $ 251.4 per ton from $ 280.8 in January, the Ministry of Agriculture said.

In December, the duty was $ 276.7, in November – $ 194.5, in October – $ 227.2, in September – $ 169.9 per ton.

The new duty is calculated based on an indicative price of $ 1,359.2 per tonne (January – based on a price of $ 1,401.2, December – $ 1,395.4, November – $ 1,277.9, October – $ 1,324.7, September – $ 1 242.8 per ton).

A floating duty on the export of sunflower oil was introduced in the Russian Federation on September 1, 2021. Its size is 70% of the difference between the base price ($ 1,000 per tonne) and the indicative price (the arithmetic average of market prices per month), reduced by the value of the adjustment coefficient ($ 50 per tonne).

At present, in accordance with the government decree of April 6, 2021 (No. 546), the source of information for determining indicative prices for calculating the duty is determined by the daily data published by Refinitiv SA for sunflower oil (quotation by Sunflower Oil NWE Ex-Tank 6 Ports Position 1) in dollars per ton.

However, the Ministry of Agriculture suggested doing this on the basis of the prices of export contracts registered on the National Commodity Exchange (NTB, part of the Moscow Exchange group). For this, the department has developed a draft government decree, which amends the Cabinet of Minister’s decree No. 623 of July 23, 2013 and provides for the mandatory registration of over-the-counter contracts for sunflower oil on the exchange. OTC grain contracts are currently being registered on the exchange. They are used to calculate floating duties on wheat, barley and corn.

The “sunflower damper” mechanism will operate until August 31, 2022.