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From February 1 to June 30, 2021 Russia introduces an export duty on soybeans in the amount of 30%, but not less than 165 euros per ton. The corresponding government resolution was signed by its Chairman Mikhail Mishustin, the document is posted on the official website of legal information.
The Ministry of Agriculture of the Russian Federation together with the Federal Antimonopoly Service is instructed to monitor wholesale and retail prices for soybeans and soybean meal in the domestic market of the Russian Federation in order to prevent an increase in prices for these goods.
The decision to introduce the duty was made at the meeting of the Subcommission for Customs Tariff & Non-Tariff Regulation and Protective Measures in the Foreign Trade held at the Ministry of Economic Development on December 18, 2020, at the initiative of the Ministry of Agriculture of the Russian Federation. It was caused by the growth of world prices for these products and aimed at providing raw materials for processing industries in the country.