Russia will temporarily slash import duty for cocoa products to zero

The decision will come into force in 30 calendar days. The rate of duty will be reduced from 3-5% to 0% of customs cost for cocoa products until December 31, 2017, explained EEK.

The zero rate will be applied to not defatted cocoa paste, cocoa oil and cocoa fat. In June, 2015 the Association of the enterprises of the confectionery industry (ASCOND) appealed to the Ministry of Economic Development to cut down the import duty of 3-5% for cocoa products, reported Vedomosti. According to ASCOND, the consumption of chocolate in Russia dropped because of the cost increase for raw materials. Based on the results of 2015, the association predicted a decrease in confectionery sales in Russia by 15%.