Russia Lifts Sunflower Oil Export Duties to Boost Market
Russia, a top sunflower oil producer, has suspended floating duty rates on sunflower oil and meal until August 31. The move aims to support local producers and increase exports, despite the domestic market being fully supplied. Russia is a leading global sunflower oil exporter.
In a strategic move to bolster the sunflower oil industry, Russia has lifted floating duty rates on sunflower oil and sunflower meal until August 31, aimed at supporting local producers and increasing exports. The country is a significant player in the global sunflower oil market.
Originally introduced in 2021 to stabilize domestic prices, the duty was set at 4,739 roubles per ton in July. The government has assured that the suspension of the duty will not impact the domestic supply of sunflower oil, which is currently stable.
Russia and Ukraine together account for a significant portion of the world's sunflower seed production and exports. With this change, experts expect a revival in Russian sunflower oil exports, potentially reaching 350,000 tons in August.
(With inputs from agencies.)
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