&w=3840&q=100)
Russia suspends sunflower oil duty till end of August to boost exports
The export duty was introduced in 2021 in order to protect the domestic market from price spikes and was set at 4,739 roubles ($59.61) per ton of sunflower oil in July.
"At present, the domestic market is fully supplied with sunflower oil. Therefore, the suspension will not affect the availability of sunflower oil for Russians," the government said in a statement.
According to the US Department of Agriculture, Russia and Ukraine produce over half of the world’s sunflower seeds and are responsible for nearly three-quarters of total sunflower oil and meal exports.
IKAR consultancy head Dmitry Rylko estimated that Russia exported 4.7 million tons of sunflower oil in the 2024/25 season, which will end on August 31, compared with a record 5.3 million tons in the previous season.
"We expect some revival in exports," Rylko told Reuters. He estimated that Russia will export 350,000 tons in August. IKAR forecasts this year's sunflower seed harvest at no less than a record 18 million tons.
Russian lobby group Oil and Fat Union estimates that Russia is the world's leading producer of sunflower oil and the second largest exporter after Ukraine.
Russia exports sunflower oil to India, Turkey, Iran, China and Egypt. It exports sunflower meal, used in animal feed, to Turkey, Belarus, China and the European Union.
Russia's sunflower oil production became unprofitable in 2024 due to rising domestic prices for seeds. Several plants across Russia stopped operations as a result.
Exports fell by 38 per cent in the first half of 2025, according to customs data, which does not take into account trade with sanctioned countries such as Iran.
Head of the Oil and Fat Union Mikhail Maltsev said that the duty suspension for the remainder of the season will help exporters clear their stockpiles.
"In the new season, we hope the market will stabilise and that procurement prices for sunflower seeds will once again make exports economically viable for processing plants," Maltsev said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
8 minutes ago
- Hindustan Times
‘It will impact states': Karnataka CM after US imposes 25 percent tariff and penalty on India
Karnataka Chief Minister Siddaramaiah on Friday said that the United States' decision to impose a 25 per cent tariff, along with an additional penalty on India for importing oil from Russia, would affect not just the nation but also the individual states. Trump signed a fresh executive order imposing revised tariffs for 70 countries, including India and Pakistan, in a move that is expected to strain global trade relations further.(PTI) "It will impact the state also, and the whole country at large. I will discuss this issue with the concerned Minister," the Chief Minister told reporters. Karnataka Minister Priyank Kharge expressed concern over the development, saying he hoped the central government would re-engage in dialogue with the United States to mitigate the tariff hike. Priyank Kharge said, "This is something that we might have to live with, but we'll see how it impacts. I'm hopeful that the central government will get its act together, get to the negotiating table, and do something practical that ensures the business thrives as usual. Hopefully, this time they'll be able to convince their friend Donald Trump to ensure that the tariffs are not this huge." US President Donald Trump on Wednesday made a shocking statement on his social media platform Truth Social after the announcement of 25 per cent tariffs against India and threatened an additional "penalty" for importing Russian oil. "I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India; their tariffs are too high, among the highest in the world." Trump said. Trump signed a fresh executive order imposing revised tariffs for 70 countries, including India and Pakistan, in a move that is expected to strain global trade relations further. Tariffs imposed on India's neighbouring countries are less than India's 25 per cent, except for Myanmar at 40 per cent. The new tariffs for Pakistan, Afghanistan, Bangladesh, Indonesia, Japan, and Sri Lanka are 19%, 15%, 20%, 19%, 15%, and 20%, respectively. The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7. The executive order states that the revised tariffs are aimed at addressing the national emergency declared earlier under Executive Order 14257. Trump noted that he had "recently received, among other things", new information and had determined it "necessary and appropriate" to impose additional ad valorem duties on the goods of certain trading partners. These new duties will replace those previously imposed under the same order, as amended. Other countries on which the US imposed tariffs are higher than India include Iraq (35 per cent), Laos (40 per cent), Libya (30 per cent), Serbia (35 per cent), South Africa (30 per cent), Switzerland (39 per cent), and Syria (41 per cent). Countries that imposed lower tariffs than India include the UK (10 per cent), Vietnam (20 per cent), Taiwan (20 per cent ), and South Korea (15 per cent), to name a few. The order by Trump stated, "I have determined that it is necessary and appropriate to deal with the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on goods of certain trading partners".The executive order further directs that these changes will apply to goods entering the US for consumption or withdrawn from warehouses on or after the effective date. However, goods already in transit before the deadline, loaded on vessels and en route before August 7 and entering the US before October 5, 2025, will not be subjected to the revised duties but will instead continue under the previously applicable tariff rates under the amended Executive Order 14257. The government told the Parliament on Thursday that it is examining the impact of the recent events and will take all necessary steps to safeguard the national interest. Commerce and Industry Minister Piyush Goyal made a statement in the lower House of Parliament a day after Trump announced the tariff. He later made a similar statement in the Rajya Sabha. Goyal said the Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue.
Hans India
8 minutes ago
- Hans India
Amid IMF's enhanced growth projection, three caveats can't be ignored
The International Monetary Fund (IMF) has revised India's economic growth forecast upwards, reinforcing the country's status as a leading performer among major global economies. IMF's latest World Economic Outlook (WEO), released on July 29, points out that India is now expected to grow at 6.4 per cent in both 2025-26 and 2026-27, marking an increase of 0.2 and 0.1 percentage points, respectively, over the April projections. This upgrade mirrors a broader, albeit modest, improvement in its global growth forecast. As per the updated assessment, the IMF now anticipates global GDP to expand by three per cent in 2025 and 3.1 per cent in 2026—both figures slightly higher than those projected just three months ago. It has also raised its expectations for emerging market and developing economies, which are now projected to grow by 4.1 per cent, up from 3.7 per cent, a revision largely driven by improved prospects for China, the world's second-largest economy. The IMF attributes India's stronger outlook to a 'more benign external environment' than was assumed in its April forecast. While the report stops short of listing specifics, the phrase suggests a combination of factors: easing inflationary pressures in advanced economies, stable commodity prices, and continued global demand for goods and services—all of which are expected to provide a more favourable backdrop for India's growth. India's resilient performance continues to stand out. Even amid geopolitical volatility and uneven global recovery patterns, the country has maintained a robust growth trajectory, supported by public capital expenditure, an expanding services sector, and digital infrastructure gains. The IMF's revision reflects this resilience, though the path ahead may still be complicated by emerging external and domestic challenges. Meanwhile, three key caveats deserve closer scrutiny. First, US President Donald Trump's 25 per cent tariffs on goods imported from India, 'plus an unspecified penalty' for buying Russian oil and weapons, pose a major risk to India's growth rate, apart from straining bilateral ties between India and the United States, which have been steadily improving in the last few years. The new tariffs on certain imports could create headwinds for Indian exporters. Second, how India responds to these US moves will significantly influence its medium and long-term economic prospects. Whether New Delhi chooses a retaliatory stance or seeks a diplomatic compromise could affect investor perceptions, trade flows, and diplomatic goodwill. India's choices in navigating this delicate phase of economic diplomacy will be watched closely, not only in Washington but also in global markets. Third, and most crucially, the sustainability of India's growth momentum will depend on how the Narendra Modi government implements its domestic economic policies. While headline growth figures remain robust, challenges such as sluggish private investment, labour market rigidities, and regional disparities persist. Economic ministers and other senior government functionaries wax eloquent about liberalisation and the ease of doing business, but executing reforms in letter and spirit will make all the difference. Trump's tough stance can be a blessing in disguise if it forces India's decision makers to focus on effective policy execution. The IMF's upgraded forecast underscores India's strong economic fundamentals and its continued attractiveness as an investment destination. However, this positive outlook is tempered by emerging global risks and internal policy variables. Navigating these will be crucial to maintaining India's position as a bright spot.
Time of India
21 minutes ago
- Time of India
Who is Dmitry Medvedev? Ex-Russian President who has dared Donald Trump, stoked fears of World War 3
U.S. President Donald Trump on Friday said he had ordered two nuclear submarines to be positioned in "the appropriate regions" in response to remarks from former Russian President Dmitry Medvedev about the risk of war between the nuclear-armed adversaries. Medvedev on Thursday said Trump should remember that Moscow possessed Soviet-era nuclear strike capabilities of last resort, after Trump had told Medvedev to "watch his words." Security analysts called Trump's move a rhetorical escalation with Moscow, but not necessarily a military one, given that the United States already has nuclear-powered submarines that are deployed and capable of striking Russia. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Data Science healthcare CXO Product Management Public Policy Finance Artificial Intelligence Digital Marketing Technology PGDM Healthcare MBA Degree Project Management MCA Operations Management Data Analytics others Data Science Cybersecurity Leadership Management Others Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details Who is Dmitry Medvedev? by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Dmitry Medvedev was Russia's president from 2008 to 2012, while Vladimir Putin was barred from seeking a third consecutive term, and then stepped aside to let him run again. Born in Leningrad, now Saint Petersburg, Medvedev is a Russian lawyer and longtime Putin ally. He earned a law degree in 1987 and a Ph.D. in 1990 from Leningrad State University, later serving on faculty before joining Vladimir Putin's early political team in the 1990s Medvedev held several high-level posts under Putin—chief of staff, deputy prime minister, and chairman of Gazprom—before being elected President in May 2008. His one-term presidency (2008–12) emphasized economic modernization and legal reform, including the New START arms reduction treaty with the U.S. and renaming "militsia" to "politsia". He and Putin swapped roles in 2012, with Medvedev serving as Prime Minister until 2020. Live Events Now deputy chairman of Russia's National Security Council, which Putin chairs, Medvedev has been known for his provocative and inflammatory statements since the start of the war in 2022. That's a U-turn from his presidency, when he was seen as liberal and progressive. Medvedev has frequently wielded nuclear threats and lobbed insults at Western leaders on social media. Some observers have argued that with his extravagant rhetoric, Medvedev is seeking to score political points with Putin and Russian military hawks. One such example before the latest spat with Trump came on July 15, after Trump announced plans to supply Ukraine with more weapons via its NATO allies and threatened additional tariffs against Moscow. Medvedev posted then, 'Trump issued a theatrical ultimatum to the Kremlin. The world shuddered, expecting the consequences. Belligerent Europe was disappointed. Russia didn't care.' FAQs Q1. What is full name of Dmitry Medvedev? A1. The full name of Dmitry Medvedev is Dmitry Anatolyevich Medvedev. Q2. Has Dmitry Medvedev previously talked about nuclear war? A2. Dmitry Medvedev has frequently wielded nuclear threats and lobbed insults at Western leaders on social media. Some observers have argued that with his extravagant rhetoric, Medvedev is seeking to score political points with Putin and Russian military hawks.
