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Russia to Keep Tax on Raw Sugar Imports at $140 a Ton Next Month

Dec. 13 (Bloomberg) -- Russia will keep its tax on raw sugar imports at $140 a metric ton in January, the Customs Union Commission said.

The duty is based on monthly sugar prices in New York, with a one-month lag. A minimum rate of $140 a ton is applied from August through April if the monthly average price in New York exceeds $396.84 a ton, according to the commission. The duty may fall to $50 a ton from May through July, while the government said on Nov. 22 that next year it might extend the $140 level through that period because of a “high” sugar-beet crop.

The average raw sugar price in New York was calculated at 24.52 cents a pound, or $540.52 a ton in November, the Customs Union Commission, which oversees the tariffs for Russia, Belarus and Kazakhstan, said on its website.

To contact the reporter on this story: Marina Sysoyeva in Moscow msysoyeva@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net.

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