Russia raises quota for sunflower oil exports

Russia has increased the quota for its exports of sunflower oil and sunflower meal, the government said on Sunday, citing sufficient domestic supplies. The restrictions are in place until Aug. 31. The decision to ease restrictions was made because the domestic market has sufficient supplies, the government said, adding that producers will benefit from increased exports.

Russia has increased the quota for its exports of sunflower oil and sunflower meal, the government said on Sunday, citing sufficient domestic supplies. The country banned exports of sunflower seeds from the end of March until the end of August and imposed an export quota on sunflower oil to avoid shortages and ease pressure on domestic prices.

The government on Sunday said that the export quota for sunflower oil has been increased by 400,000 tonnes from the previous cap of 1.5 million tonnes while the restriction on exports of sunflower meal was raised by 150,000 tonnes from a previous limit of 700,000 tonnes. The restrictions are in place until Aug. 31.

The decision to ease restrictions was made because the domestic market has sufficient supplies, the government said, adding that producers will benefit from increased exports.

Also Read: Top Russian general inspects troops involved in Ukraine operation- defence ministry