Update 1-Russia Proposes Hiking Soy Export Tariff - Head Of Producer Group
19.01.2023 (Successful Farming) - MOSCOW, Jan 19 (Reuters) - Russia's agriculture ministry is proposing to raise export tariffs on soybeans from 20% to 50% to stimulate domestic processing capacity in the country's Far East, the head of its oil and fat producers' union told Reuters on Thursday.
Russian business newspaper Vedomosti reported the move earlier on Thursday, citing comments by deputy agriculture minister Oksana Lut at a meeting with representatives of major agribusiness firms on Tuesday.
The Russian Agriculture Ministry did not immediately reply to a request for comment.
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 tonnes of 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. (Editing by Jan Harvey)
© Copyright Thomson Reuters 2023. Click For Restrictions - http://about.reuters.com/fulllegal.asp