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Russia Extends 20% Soybean Export Duty Until August 2028
Summary
Russia has prolonged its 20% export tariff on soybeans, which was set to expire, until the end of August 2028. The government is also reportedly considering an extension for its export duty on linseed.
Russia has extended its 20% export duty on soybeans until the end of August 2028, keeping the trade restriction in place for an additional two years. The Interfax news agency reported the government's decision on Thursday.
Details of the Extension
The soybean export tariff was originally scheduled to expire at the end of August 2026. This extension continues a policy aimed at managing the domestic supply of the commodity.
Such duties are typically implemented to ensure sufficient raw materials for local processing industries and to help control domestic food prices. According to the Interfax report, the government is also considering an extension of its 10% duty on linseed, or flax.
AdMarket Context
Export tariffs can significantly impact global commodity markets by altering trade flows. By making exports more expensive for its own producers, Russia's policy may divert international demand for soybeans to other major exporters, such as the United States or Brazil.
Investors and commodity traders will monitor for official government confirmation and any further details on the linseed duty, as these protectionist measures can affect global supply-and-demand dynamics and pricing for oilseeds.
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