Russia has set its export tax for sunflower oil at $169.9 per tonne starting from Sept. 1, the agriculture ministry said on Monday.
The government decided to launch the formula-based tax from Sept. 1 for one year as part of measures it hopes will help to stabilize domestic food price inflation.
The tax is based on an indicative price of $1,242.8 per tonne, the ministry said.
It is calculated at 70% of the difference between the indicative price per tonne and $1,000.
The indicative price is currently based on Refinitiv data , but the agriculture ministry has proposed the government switch to local price indicators which would be established by an arm of the Moscow bourse.
Source: Reuters (Reporting by Polina Devitt Editing by Susan Fenton and Mark Potter)