Russia, currently the world's No. 3 raw sugar importer, will cut its raw sugar import tariff in May to $50 per ton from $140, the Commission said.
At its meeting, the commission was meant to approve a new scheme for calculating the tariff, on which its rate for June and subsequent months would depend.
The Customs Union, formed on Jan. 1, 2010, has agreed to apply an import tariff pegged to ICE sugar prices in the range of $140-$270 per ton from Jan. 1 to April 30 and from Aug. 1 to Dec. 31.
It is expected to introduce a new system to calculate the duty, based on an average of the sugar price on a monthly rather than a three-monthly basis, to adjust better to volatile markets.
Trade sources estimate that, based on the new system and the recent range of sugar futures prices, the duty will likely surge to $160 per ton in June, creating a crucial window of opportunity for imports in May.
