The Russian Government reduced export customs duty rates on mineral fertilizers

The Russian government has reduced the duty on mineral fertilizers until the end of 2024, they will be 7%. This was reported by the press service on December 11.

"The decision concerns nitrogen, phosphate, potash and compound fertilizers. Duty on the export of such fertilizers will be no more than 7%, depending on the ruble exchange rate," - stated in the message of the government in the Telegram-channel.

It is specified that earlier such duty was up to 10% depending on the exchange rate of the national currency.

In addition, the message notes that such a measure is temporary and will last until the end of 2024. This decision, according to the press service, contributes to reducing the financial burden on the industry and provides support for fertilizer producers.

It is also specified that flexible export duties were introduced in Russia for a number of goods, including mineral fertilizers, back in October 2023.

Earlier, on October 31, Director of the Institute of Trade Policy of the National Research University Higher School of Economics Alexander Daniltsev pointed out that the European Union still has demand for energy and fertilizers from Russia. The expert did not rule out that imports of these products may increase. However, he also noted that under current conditions it is difficult to predict changes in Russia's trade turnover with the EU, because politics can be unpredictable.