Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sugar Auction Delayed

Russian raw sugar import quota for 2001 will not be sold at auction until December, Deputy Prime Minister and Agriculture Minister Alexei Gordeyev told a news conference on Tuesday.

"The draft resolution on creating a respective commission is waiting to be signed [by the prime minister] and I hope we’ll finish the procedure by the beginning of December," Gordeyev said.

The tender commission, which will include representatives of different government bodies, will determine the rules of the auction to sell the rights to import sugar under the 3.6 million-ton quota.

All raw sugar under the quota will be imported at a tariff rate of 5 percent of its customs value. Sugar in excess of the quota will be liable for a 30 percent tariff. The quota will be divided into lots, with import rights tendered to Russian traders at commodity exchanges.

Originally, the government planned to organize the auction before Oct. 2.