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

. Last Updated: 07/27/2016

Sugar Tariff Hike Proposal Submitted

Documents necessary to set a higher seasonal import tariff on raw cane sugar for six months from December have been submitted to the government, the industry lobby and the Economic Development and Trade Ministry said Wednesday.

"We sent [the documents] yesterday," a ministry spokeswoman said in a statement. She said the ministry expected the government to give a positive or negative answer within two weeks.

"The official publication of an order setting the tariff is expected before Nov. 1," the Russian Sugar Producers' Union said on its web site.

The union and various government departments have agreed to a seasonal tariff rate of $220 per ton to be applied from December to the end of May 2008.

A draft of the order pegs the tariff level to New York raw sugar prices. The $220 tariff will apply as long as New York prices are above 9 cents per pound, but it may rise to $270 should New York prices fall below 4.5 cents.