Russia may introduce export duties on mineral fertilizers

The Ministry of Finance of Russia proposed to establish duties on the export of mineral fertilizers. Their rates are currently being discussed, after which they may be introduced in the form of a government decree for a period of six months. The Ministry expects, these duties are able to bring over 100 billion rubles (almost $1.7 billion) to the state budget.

“The establishment of export duties on mineral fertilizers may lead to a decrease in the net profit of Russian chemical companies and the suspension of their investment projects. Considering the unprecedented sanctions pressure on our country, which also affects domestic producers of mineral fertilizers, and their great social burden, which includes supporting entire cities and their population, it would still be more reasonable to postpone the introduction of duties on the export of mineral fertilizers,” commented the information and analytical service of Fertilizer Daily.

Source: Kommersant