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Russian cabinet cuts export duties on mineral fertilizers by end-2024

"The rate on export of such fertilizers will equal no more than 7% depending on the ruble exchange rate," the report said

MOSCOW, December 11. /TASS/. The Russian government has cut the rates of export customs duties on mineral fertilizers by the end of 2024, which will now equal not more than 7%, the press service of the cabinet reported.

"The decision concerns nitrogen, phosphate, potash and complex fertilizers. The rate on export of such fertilizers will equal no more than 7% depending on the ruble exchange rate," the report said.

Flexible export duties were introduced on a wide range of goods on October 1, 2023. Previously, the duty on export of mineral fertilizers could total up to 10% depending on the exchange rate of the national currency.

The policy is temporary and it will be in force until the end of 2024, the press service noted. The decision taken is aimed at reducing the financial burden on the sector and supporting producers of mineral fertilizers.

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