For the first time, Russia creates a formula for wheat export tax

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Russian Economy Minister Maxim Reshtnikov told reporters yesterday, “Russia, one of the largest wheat exporters in the world, will set for the first time an equivalent wheat export tax from the 2nd of June.”
According to “Reuters”, Richtnikov explained that the equation will be determined at 70 percent, of the difference between a basic price per ton of wheat and $ 200, adding that “the price used in the equation will be derived from export contracts registered from the first of April.”
Russian Prime Minister Mikhail Mishustin signed a decree to increase wheat export duties from the beginning of next March, and the document was published on the cabinet’s official website late last month.
According to the decree, wheat export duties were increased within the quota allowed for export to 50 euros per ton, and tariffs were also imposed on exports of corn “25 euros per ton” and barley “ten euros per ton.”
A statement issued by the government said, “Duties were imposed on these wheat, barley and corn products, to stabilize the prices of these products in the local market.”
At the end of last December, the Russian government announced a package of measures due to the rise in food prices in Russia, as specific quotas were set for the export of wheat, barley and corn, as 17.5 million tons are allowed to be exported from February 15 to June 30.
At the end of last year, a fee was imposed on the export of wheat within the export quota at 25 euros per ton, which means that the fees, based on the new Russian government decision, doubled, “from 25 euros to 50 euros per ton.”





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