The Government of the Russian Federation has decided to reduce the export customs dues for mineral fertilizers till the end 2024, according to the decree published on the web site of the government.
The reduction applies to nitric, phosphate, potash and compound fertilizers. The export duty on such fertilizers will be no more than 7%, depending on the ruble exchange rate.
The decision is aimed at reducing the financial burden on the industry and supporting mineral fertilizers producers.
Flexible export duties on a wide range of commodities including mineral fertilizers were introduced as of October 1, 2023. The measure is temporary and will remain in effect till the end of 2024.
Photo: public source