Russia cuts sunflower oil export tax
Tuesday, 5 July 2022
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, reports Reuters.
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.