March 9, 2012

The rate of Russian soy customs duties is reduced from 20% but not less than EUR35/tonne (US$45.94), to the level of 5% but not less than EUR8.5/tonne (US$11.16).

On March 7, 2012, at a meeting the subcommittee of the Government of the Russian Federation on the customs-tariff and non-tariff regulation, protective measures in foreign trade, chaired by Viktor Zubkov, First Vice Prime Minister of Russia, adjusted the proposal to reduce the present customs duties on soy, informed the press service of the Government of the Russian Federation.

The customs duties will be effective until October 1, 2012.

The decision was made "in view of the high harvest of soy in 2011", the announcement said. Last year Russia produced the record soy harvest, which totalled 1.5 million tonnes.