Soybean production in Primorye, Russia.
Photographer: Yuri Smityuk / TASS / Getty Images
Photographer: Yuri Smityuk / TASS / Getty Images
Russia plans to introduce export tariffs on shipments of soybeans following President Vladimir Putin’s call for a reduction in food price inflation.
A subcommittee on customs and tariff regulation approved an export duty on soybeans of 30%, but no less than 165 euros ($ 202) per ton, Interfax Newswire reported Saturday, citing a person he did not name. The rate will take effect on February 1 and will remain in effect through June 30, according to the report.
Russia is working to curb food price inflation after Putin said earlier this month that he was surprised by sharp price hikes for commodities such as bread and sunflower oil.
The government proposed a tax of 25 euros per tonne on wheat from mid-February to the end of June, while also enacting a previously announced grain export quota for the same period, Economy Minister Maxim Reshetnikov said Monday. This week, the government also signed an agreement with producers of sunflower oil and sugar for price stabilization.
Russia is boosting soybean overseas sales this year and could have increased shipments by 70% year-on-year to more than 1.5 million tons, RIA Novosti reported last month, citing data from Rosselkhozbank. China and Belarus are the main export destinations.
Separately, the subcommittee approved a 5% export duty on steel scrap exports, limiting the minimum level to 45 euros per ton, Interfax Newswire reported, citing the Ministry of Economy. The measure is necessary, among other things, to prevent price increases in the construction segment.
(Adds an increase in the steel scrap load in the last paragraph.)