Russian Grain Union to activate the imposition of 10% import duties for soybean

On August 27, 2009, the committee of directors of Russian Grain Union accepted the decision to initiate the imposition of the import duty at the rate of 10%, but not lower 30 EUR/t, for soybean, imported to the Russian Federation.

The committee decided to apply to the Committee of the Government of the Russian Federation at protective measures in foreign trading and customs-tariff policy, concerning the issue.

The support of the domestic soybean producers and providing of the growth of the oilseed production in the Russian Federation are the main aims of the imposition of the duty.

Source: CME Group