Russia suspects the export task of sunflower oil until August 31 to support producers, the government said

Russia, one of the top manufacturers and exporters of sunflower oil, on Friday suspects the tariff of the task of floating on sunflower oil and eating sunflowers until August 31 as a step designed to help local producers.

This task was introduced in 2021 to protect the domestic market from the price surge and was set at 4,739 rubles ($ 59.61) per ton of sunflower oil in July.

“At present, the domestic market is fully equipped with sunflower oil. Therefore, suspension will not affect the availability of sunflower oil for Russia,” the government said in a statement.

According to the US Department of Agriculture, Russia and Ukraine produced more than half of the world sunflower seeds and were responsible for nearly three -quarters of the total sunflower oil and food exports.

Russian Lobbying Group Oil and Fat Union estimates that Russia is the world’s leading sunflower oil producer and the second largest exporter after Ukraine.

“The decision will allow an increase in the volume of exports and support the producer and processor of sunflowers,” said Russian Agro Agron Agro Agron Export Agency in a statement.

Head of Ikar Dmitry Rylko consulting estimates that Russia exports 4.7 million tons of sunflower oil in the 2024/25 season, which will end on August 31, compared to a record of 5.3 million tons in the previous season.

“We expect resurrection in exports,” Rylko told Reuters. He estimates that Russia will export 350,000 tons in August.
Source: Reuters