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. Last Updated: 07/27/2016

Vegetable Oil Import Duty to Be Cut

The government said Thursday that it would cut an import tariff on soy oil, sunflower oil and rapeseed oil to 5 percent from 15 percent for six months from December as part of its campaign aimed at fighting inflation.

It said on its web site that the new tariff would become effective one month after its official publication in government newspaper Rossiiskaya Gazeta. This normally takes place within days of the web site announcement.

In a separate order, the government cut an import tariff on some vegetables to 5 percent from 15 percent for six months from Jan. 1.

Agricultural analyst SovEcon has said Ukraine could benefit from the lower sunflower oil tariff, while Latin American countries, including Brazil and Argentina, could benefit most from the new soy oil tariff.