March 1, 2011

Russia to scrap 5% soymeal import duty

A Russian government subcommittee, headed by Deputy Prime Minister Viktor Zubkov, has approved the cancellation of the current 5% soymeal import duty for three months, the government stated on Monday (Mar 1).

The government decision to suspend the import duty is expected shortly.

At its previous meeting in December the subcommittee on customs regulation and foreign trade protection decided against scrapping the soymeal import duty, citing the need to encourage domestic production growth.

However, because of the damage to feed grains by the summer's drought, supplies are becoming low, necessitating the suspension of the soymeal import duty now.