According to the draft of government decree formulated by Economic Development Department of Russia, the export tax rate of Russian soybeans from July 1, 2021 to Aug.21, 2022 will be reduced from 30% and no less than 165Euro/t at present to 20% and no less than USD100/t. The Department explained that the soybean yield of Russia is unable to fully meet domestic market demand. The new measure will “prevent rise of food consumption price” and “keep domestic market balance of oilseeds and processed products”.

Ilyichev, the Vice Minister, said the new tariff measures considered opinions of soybean manufacturers in far east area, which help keep soybean export ability in that area.