Russia to Impose 30% Tariff on Soybean Export, Interfax Says

(Bloomberg) -- Russia plans to introduce export duty on soybean shipments following President Vladimir Putin’s call to cool food-price inflation.

A sub-commission on custom and tariff regulation approved a soybean export duty of 30%, but not less than 165 euros ($202) per ton, Interfax newswire reported on Saturday, citing a person it didn’t name. The tariff will take effect on Feb. 1 and will remain in place through June 30, according to the report.

Russia is working to curb food-price inflation after Putin said earlier this month that he was surprised by sharp price increases for staples such as bread and sunflower oil.

The government proposed a levy of 25 euros a ton on wheat from mid-February through the end of June, while also pressing ahead with a previously announced grain-export quota for the same period, Economy Minister Maxim Reshetnikov said Monday. This week, the government also signed an accord with sunflower oil and sugar producers for price stabilization.

Russia is boosting overseas sales of soybeans this year and could have increased the shipments by 70% on an annual basis to more than 1.5 million tons, RIA Novosti reported last month, citing Rosselkhozbank data. China and Belarus are the main export destinations.

Separately, the sub-commission approved 5% export duty on steel scrap exports, capping the minimum level at 45 euros per ton, Interfax newswire reported, citing Economy Ministry. The measure, among other things, is needed to prevent price increases in the construction segment, it said.

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