The Russian Ministry of Agriculture has announced on its website that from 1 September it would be reducing the export duty on sunflower oil by 85%, AgriCensus reported.
The ministry has set a tax on sunflower oil exports in September of RUB8.621.3/tonne (around US$143.4/tonne), which will remain in place pending an update, according to the 25 August report.
The move followed a change to the export duty formula in July, the report said, when the Russian government introduced a new duty in roubles following a sharp drop in the exchange rate against other currencies.
In addition, the publication date for the duty was changed from the 15th to the 25th of the month, AgriCensus wrote, in a bid to help exporters be more competitive on international markets.
