Russian and CIS sugar news, March 23, 2021

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First Deputy Prime Minister Andrei Belousov has instructed the FAS, the Ministry of Agriculture and the Ministry of Industry and Trade to conduct prompt consultations with businesses in order to extend agreements on reducing and maintaining prices: white sugar - for another two months, sunflower oil - until October 2021. In the current agreements, the selling price of enterprises for white sugar is 36 rubles per 1 kg, retail price is 46 rubles per 1 kg, and sunflower oil is 95 and 110 rubles per 1 liter, respectively.


The revenue of Skidel Sugar Refinery OJSC amounted to BYN 172.74 million (RUR 5.108 billion) in 2020. Of this, 86.5% is the share of sugar sales. The net profit of the Skidel Sugar Refinery amounted to BYN 129 thousand (RUR 3.814 million) against a loss of BYN 603 thousand (RUR 17.831 million) at the end of 2019.


The Eurasian Economic Commission (EEC) is ready to promptly make a decision to temporarily lift off duties on the import of white sugar upon confirmation of the deficit of this product, said Vahagn Ghazaryan, Director of the Department of Customs Tariff and Non-Tariff Regulation of the EEC. Yesterday, the Russian government proposed to abolish import duties for the period from May 15 to August 31 in relation to the volume of no more than 350 thousand tons. The Ministry of Economic Development should submit the draft of the relevant resolution to the Cabinet of Ministers no later than April 1.



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