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Export duty on wheat in Russia doubled

Export duty on wheat in Russia doubled
Photo: pixabay.com

In Russia, the export duty on wheat has doubled since March 1. The duty from 15 February was 25 euros per ton, and from 1 March - 50 euros per ton.

As the RIA News", the corresponding decree of the government of the Russian Federation was signed at the end of January. This measure will help to cope with the rise in food prices in Russia. For the period from February 15 to June 30 of this year, a quota for the export of wheat, rye, barley and corn was set - 17,5 million tons, from the same date a duty on the export of cereals was introduced.

The duties on the export of corn and barley will be zero until March 15, and after that date they will amount to 25 euros per ton of corn and ten euros per ton of barley. The rate for rye is zero. After the quota is selected, the duty for all crops will be 50% of the customs value, but not less than 100 euros per ton.

From June 2, the duty on wheat, corn and barley will operate within the framework of the "grain damper" mechanism - introduction floating export duty grain with the subsequent return of these funds in the form of investments in agriculture. Subsidies to the regions will be distributed depending on the volume of products produced.

At the end of last year, the head of the Russian government, Mikhail Mishustin, signed a number of resolutions to reduce food prices.

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