Feb. 9 (Bloomberg) -- The customs union of Russia, Belarus and Kazakhstan extended a duty on raw sugar imports of $140 a metric ton from May until August after a record beet harvest.
The three states usually tax raw-sugar imports at $50 to $250 from May 1 through July 31 under a customs agreement, with the scale of the tariff determined by futures prices in New York. This year the minimum duty will be $140 a ton in the period, the customs union commission said in a statement on its website. The tax could climb to as high as $250 a ton depending on the New York price, it added.
The three states tax raw-sugar imports at $140 to $270 a ton from Aug. 1 through April 30. The tax is usually reduced in May, June and July to encourage imports during a period when domestic stocks tend to be low. Russian farmers harvested 46.3 million tons of beets in 2011, according to state statistics data. Refineries produced 5 million tons of sugar by the end of January, according to Sugar Producers’ Union data.
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