The sanctions-hit Russia has sharply reduced its sunflower oil export tax, changing the formula it uses to calculate it to support shipments, while its ruble currency, the agriculture ministry, said on Saturday. Close to a multi-year high.
The ministry said in a note that the sunflower oil export tax for July has been fixed at 8,408.7 rubles ($163.3 at the current rate) per tonne.
The tax for July was earlier set at $560.1 per tonne in US dollars.
The sharp reduction came after the Russian government on Friday set the base price for tax calculations at 82,500 rubles per tonne of sunflower oil instead of the previous $1,000 a tonne.
The agriculture ministry said the new July tax is based on a notional price of $1,800.2 per tonne.
The ruble strengthened to a seven-year high this week, backed by capital controls, but is expected to depreciate in the longer term and lost nearly 6% in Moscow trade on Friday.
It closed at 51.50 against the dollar in the interbank market on Friday, which is stronger than Moscow’s close of 54.50.