AreaRussian Federation

Commodity GroupOilseeds, oils and meals

CommoditySoybean

Date01/07/2021

Policy CategoryTrade

Policy InstrumentExport policy

DescriptionLowered the recently introduced 30 percent ad valorem soybean export tax to 20 percent (but no less than USD 100 per tonne), in a bid not to impair marketing of the country’s forthcoming soybean crop. The reduced rate came into effect on 1 July 2021 and was set to remain in place until August 2022.

NotesRUSSIAN FEDERATION – export policies: In a bid not to impair the marketing of the country’s forthcoming soybean crop, the Government reduced its recently introduced 30 percent soy export tax to 20 percent (but no less than USD 100 per tonne). The temporary tax measure was implemented last February to secure domestic supplies amid surging global prices and rising inflation risks (see MPPU Jan. & Apr.’21). The reduced tax rate is set to come into effect on 1 July 2021 and is expected to remain in place until August 2022.