Russia Suspends Sunflower Oil Duty to Boost Exports

The Russian government has announced a temporary suspension of floating duty rates on sunflower oil and sunflower meal, effective until August 31. This move is aimed at supporting local producers amidst global market challenges.

According to Russia's agricultural export agency, Agroexport, the decision is anticipated to facilitate an increase in the export volumes of these commodities, thereby bolstering the country's trade prospects.

The suspension is part of a broader strategy to provide relief to sunflower producers and processors, ensuring their competitive edge in international markets during this period.

(With inputs from agencies.)