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Russia to extend export tax for soybeans, ban on rapeseed exports

·1-min read
Workers stand near a crane unloading sacks of imported soybeans from Russia at Heihe port in Heilongjiang

MOSCOW (Reuters) - Russia plans to extend its export tax on soybeans for two years until Aug. 31, 2024 and a partial ban on rapeseed exports for six months until Feb. 1 next year, the economy ministry said in a statement on Tuesday.

Exports of rapeseed will be allowed only from the Zabaikalsk region, which borders China, the ministry added.

The extension of the current export tax on soybeans - 20% but not less than $100 per tonne - will stimulate investment in domestic processing of the commodity, the ministry added.

(Reporting by Darya Korsunskaya; writing by Polina Devitt; editing by Kirsten Donovan)