The Russian Government has decided to increase the export quota for mineral fertilizers, effective until May, 31, 2023, by nearly 0.5 million tons. Thus, the total export quota will exceed 12 million tons, the press service of the Cabinet of Ministers of Russia said on Friday.
A decree to this effect was signed by the Head of Russian Government Mikhail Mishustin on Thursday, according to the report.
The resolution envisages the increase of quotas for export of ammonium nitrate by 375 thousand tons and for export of sulphoammophos by 102 thousand tons. The adopted decision will allow fertilizer producers to export unclaimed balances of finished products, provided the domestic market needs are met in full.
The Ministry of Industry and Trade of Russia has been assigned to distribute the quota volumes among the exporters, the statement reads.
In December, Russia has introduced export duty on mineral fertilizers starting from January 1, 2023. The rate of 23.5% is charged on the price over $450 per ton of fertilizers that are exported outside the customs territory of the Eurasian Economic Union (EAEU).