The Russian Ministry of Economic Development has announced it will change its export tax scheme from the US dollar to the Russian rouble, AgriCensus reported.
Citing “the influence of exchange rates on the amount of the export duty”, the statement confirmed that the change in currency had been agreed, according to the 28 June report.
Although the statement gave no specific date for the change to begin, it was expected to take immediate effect, with the new marketing year starting on 1 July, AgriCensus wrote.
“Recently, we have seen a trend towards a gradual increase in world prices for grains and oilseeds, and a simultaneous strengthening of the Russian rouble,” deputy minister of economic development Vladimir Ilyichev said.
“Modernisation of the damper mechanism for the export of agricultural products will help support our exports, while ensuring the stability of our domestic prices,” Ilyichev said in the statement.
As part of its bid to contain rising domestic price inflation, the Russian authorities also said they would revisit the country’s export tax scheme for grains, sunflower meals and oils, and wheat.
This post was originally published on https://app.vespertool.com/vegetable-oil/news, written by OFI Oils and Fats International.
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