Agriculture & Food

On July 1, local time, the Government of the Russian Federation issued an order stipulating that the export tax of agricultural products should be settled in rubles. The relevant order was published on the Russian legal portal.

According to relevant documents, the current export tax for wheat is about 15,000 rubles per ton, for corn and corn meal, 13,875 rubles per ton, and for sunflower oil, 82,500 rubles per ton. The relevant exchange rate calculation is based on the average exchange rate between the Russian ruble and the US dollar in the previous 5 working days of the Russian Central Bank.

In addition, the order also provides for the extension of the current export tax on sunflower seeds, sunflower oil and sunflower meal until August 31, 2023. The implementation of relevant policies is conducive to supporting the export of Russian agricultural products in the case of fluctuations in foreign exchange rates, and is also conducive to ensuring the stability of internal market prices.