Russia Imposed High Export Tariffs On Soybeans From February 1 To June 30

- Feb 01, 2021-

From February 1 to June 30, local time, Russia began to impose a 30% tariff on soybeans exported to countries outside the Eurasian Economic Union.

According to news from the Russian Satellite News Agency on February 1, Russia will impose tariffs on soybeans exported outside the Eurasian Economic Union region from February 1 to June 30. The tax rate shall be 30% of the customs value of the goods, and each The ton must not be less than 165 euros (about 1287 yuan).

Mikhail Maltsev, executive director of the Russian Oil Union, said: “Imposing tariffs is conducive to adjusting the prices of soybeans and livestock soybean meal, and it is convenient for companies to expand their procurement scale, including Far East soybeans. The imposition of export tariffs will also impose on soybean processing companies’ Have a positive impact."

   The Russian government approved the tariff proposal in early January. The Russian Ministry of Economic Development previously pointed out that this measure was taken due to the increase in global soybean prices to ensure the supply of raw materials for domestic processing and production.

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