From February 1st to June 30th, local time, Russia began to impose a 30% tariff on soybeans exported from countries other than the Eurasian Economic Union.
According to the Russian Sputnik News Agency on February 1, Russia will impose tariffs on soybeans exported outside the Eurasian Economic Union region from February 1 to June 30, which should account for 30% of the customs value of goods, and shall not be less than 165 euros per ton.
Mikhail Martsev, executive director of the Russian Oil Union, said: “Tariffs are conducive to adjusting the prices of soybeans and livestock soybean meal, and facilitating enterprises to expand their procurement scale, including Far Eastern soybeans.
The imposition of export tariffs will also have a positive impact on soybean processing company projects.”
The Russian government approved the proposal to impose tariffs in early January.
The Russian Ministry of Economic Development has previously pointed out that this measure is due to the rise in global soybean prices to ensure the supply of raw materials for domestic processing and production.