Russia’s agriculture ministry is proposing to raise export tariffs on soybeans by 2.5 times in order to stimulate domestic processing capacity in the country’s Far East, Russian business newspaper Vedomosti reported on Wednesday.
Vedomosti cited comments by deputy agriculture minister Oksana Lut at a meeting with representatives of major agribusiness firms on Tuesday.
According to Vedomosti, the tariff hike is aimed at fostering the construction of processing facilities in the Far East, which in 2022 accounted for 2.3 million of Russia’s 6 million tonne total soybean production.
Vedomosti reported that the tariff will make raw soy exports, predominantly to neighbouring China, unprofitable, and will incentivise the firms to invest in processing capacities to produce soybean oil and meal.
— Source link: https://www.vedomosti.ru/business/articles/2023/01/19/959592-minselhoz-p…
— Note: Reuters has not verified this story and does not vouch for its accuracy
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MEDIA-Russian agriculture ministry proposes hiking soy export tariff … – Successful Farming
