Fat-and-Oil Union of Russia wants tougher sunseed export terms

08.06.2017

Representatives of Russia’s fat-and-oil industry are concerned about current developments in the sunseed market. In 2016, fulfilling the WTO requirements, Russia reduced its sunseed export duty from 13.3% to 6.5%. This substantially increased exporters’ revenues and stimulated growth of feedstock exports. So, Russia exported more than 202 KMT of sunseed in the current 2016/17 season (September-April), or five times as much as in the same period last season (40.2 KMT).

The Fat-and-Oil Union of Russia is preparing a request to Russia’s Economy Ministry to impose additional restrictions on sunseed exports.

“The Fat-and-Oil Union of Russia will ask the Economy Ministry to revise the WTO sunseed export duty conditions to increase this duty to 10%, or to deprive sunseed exporters of the right for VAT refunds, or to limit the sunseed export volume, up to a full ban,” the Union’s chief Mikhail Maltsev specified.

Further prospects of the Black Sea oilseeds/vegoils market will be discussed at the V International Conference “Black Sea Oil Trade”, which will take place on September 19, 2017 in Hilton hotel, Kiev, Ukraine.

 

UkrAgroConsult


 

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