Russia's government has approved a formula-based export tax system for sunflower oil and a higher export tax on sunflower seeds, the government said, with the actions linked to ongoing efforts to combat domestic food price inflation.
The order signed by Prime Minister Mikhail Mishustin would set a one-year export tax on sunflower oil of 70% of the difference between $1,000 and a price per metric ton calculated by the country's ag ministry. That price will be reduced by $50 per ton each month.
Sunflower seed exports will be taxed at 50%, with a minimum of $320 per tonne for July 1, 2021 and August 31, 2022.
Meanwhile, South Korea will lift import tariffs on edible corn and some grains through the end of 2021 in a bid to ease inflationary pressures in the country, but the quota system will still apply, according to an announcement from South Korean Finance Minister Hong Nam-ki.
Currently, duties of 3% are levied on imported edible corn, according to Yonhap news.
The country will also import eggs and release reserves of napa cabbage, with imports of 25 million eggs planned in April to temper prices that have risen due to bird flu -- Yonhap reported egg imports totaled 64 million since late January.