Sanctions-hit Russia has reduced its sunflower oil export tax sharply after changing the formula it uses for calculating it to support shipments while its rouble currency hovers near multi-year highs, the agriculture ministry said on Saturday.
The sunflower oil export tax is set at 8,408.7 roubles ($163.3 at the current rate) per tonne for July, the ministry said in a note.
The tax for July was previously set in U.S. dollars, at $560.1 per tonne.
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The sharp reduction happened after the Russian government set the base price for the tax calculation on Friday at 82,500 roubles per tonne of sunflower oil instead of the previous $1,000 a tonne.
The new July tax is based on an indicative price of $1,800.2 per tonne, the agriculture ministry said.
The rouble strengthened to seven-year highs this week, supported by capital controls, but is expected to depreciate in the longer term and lost almost 6% on Friday in Moscow trade.
It closed at 51.50 to the dollar on the interbank market on Friday, stronger than the Moscow close of 54.50.