May 9, 2012

Russia reduces soy export duties

According to Russia's decree #408, the rate of the export duties on its soy (the commodity code TC 1201) was confirmed at the rate equal to 5% of the customs value, but not less than EUR8.5/tonne (US$11.08).

The document, which states, "On confirmation of the rates of the export customs duties on soy, supplied outside the territory of the countries - participants of the Customs Union," was signed by Vladimir Putin, Prime Minister of the Russian Federation, onn May 2, 2012.

The present decree enters into force in 30 days after its official publication and acts until September 30, 2012, inclusive.

As a reminder, previously, the customs duty totalled 20%, but not less than EUR35/tonne (US$45.62).