Russia has set a new tariff rate of 5.5 percent for seafood exports in December. In September 2023, the Russian government introduced new export tariffs that apply to a wide range of products, including seafood. These newly imposed tariffs are pegged to the ruble/dollar exchange rate and will last until the end of 2024, with monthly adjustments based on the latest exchange rate.

The Russian Ministry of Economic Development has announced that the export duty applicable to seafood will be set at 5.5% for the period from December 1 to December 31, 2023. The Federal government issued Decree No. 1538 on September 21, 2023, approving a list of products subject to the new export duties, including fish, crustaceans, mollusks and other aquatic invertebrates, but excluding sturgeon caviar and caviar substitutes made from fish eggs.

According to Decree No. 1538, when the average ruble/dollar exchange rate set by the Central Bank of the Russian Federation is below 80 rubles, the duty is 0% of the customs value of the goods; When the exchange rate is 80-85 rubles (inclusive), the tariff is 4%; At an exchange rate of 85-90 rubles, the tariff is 4.5%; When the exchange rate is 90-95 rubles, the tariff is 5.5%; When the exchange rate exceeds 95 rubles, the tariff is 7 percent.

The Ministry of Economic Development is responsible for monitoring the exchange rate set by the Central Bank of Russia and determining the rate of export duties. This new rule will take effect on October 1, 2023 and will be valid until December 31, 2024. As of November 28, 2023, the ruble/dollar exchange rate set by the Central Bank of Russia was 88.70.

In the first 10 months of 2023, Russia's total exports of seafood reached 1.9 million metric tons, an increase of 11 percent year-on-year. The value of these exports was $4.8 billion, up 1 percent from a year earlier.