July’s Export Customs Duty Rate to Drop to 4.5%; Fertilizer Rates Remain Unchanged

The flexible export duty, pegged to the ruble’s exchange rate, will be set at 4.5% of the customs value for the period from July 1 to July 31, 2024. The Ministry of Economic Development of the Russian Federation notes that the rate was established at 5.5% in June.

In July, the export duty on mineral fertilizers will stand at 10%. The duty’s rate for mineral or nitrogen fertilizers will be no less than 1,100 rubles per metric ton. The rates for phosphate and complex fertilizers will not fall below 2,100 rubles per metric ton, while potash fertilizers will have a minimum duty of 1,800 rubles per metric ton.

Since October 1, 2023, flexible export duty rates have been applied to a wide range of products, including certain metals, fertilizers, and coal, aiming to safeguard the domestic market. These rates undergo monthly revisions and will remain effective until the end of 2024. They are contingent on the exchange rate: at 80-85 rubles per US dollar, the duty stands at 4%; for 85-90 rubles, it rises to 4.5%; at 90-95 rubles, it changes to 5.5%; and for values exceeding 95 rubles, it peaks at 7%.