OREANDA-NEWS  The Russian government has increased import duties on palm oil from unfriendly states to 35%, the Ministry of Agriculture said.

"A government decree has been signed to increase import duties on palm oil and its fractions from unfriendly states to 35%, with the exception of Hungary and Slovakia. Previously, the rate of duties on these products was up to 5%," the report says.

Deputy Minister of Agriculture Maxim Borovoy noted that the decision was made in response to illegal sanctions from unfriendly states. The increase in duties will not affect the cost of finished products, as the market is balanced by domestic production of fats and supplies of these products from friendly countries.

According to Borovoy, only two Russian companies were consumers of palm oil from unfriendly countries. Currently, they have decided to refocus on alternative supply options.

"In general, the decision taken will contribute to the development of domestic production of fat and oil products and increase its share in the domestic market," the deputy minister stressed, his words were quoted in the message of the department.