Export of mineral fertilizers from Russia will be subject to duties
The government of Russia plans to introduce a customs duty of 23.5% on the export of mineral fertilizers to the world market. The cut-off price should be $450 per 1 ton, Russian Minister of Industry and Trade Denis Manturov said.
“The rate of 23.5% will be applied to all mineral fertilizers. The details will be approved by the relevant government decree, the draft of which has already been prepared,” Denis Manturov noted.
The issue of introducing customs duties on the export of mineral fertilizers from Russia was first discussed in September this year. They are expected to bring over 100 billion rubles (approximately $1.66 billion) to the state budget.
“The introduction of the export duties on mineral fertilizers may be necessary in terms of filling the state budget of Russia, however, current prices for them on the global market are going down. Their reduction, combined with the duties, can lead to a significant decrease in the income of domestic chemical companies,” commented the information and analytical service of Fertilizer Daily.