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26 Jan, 2021 08:25

Russia doubles wheat export duty to stabilize domestic food prices

Russia doubles wheat export duty to stabilize domestic food prices

The Russian government has signed a decree raising the export duty for wheat from €25 ($30) to €50 ($60.59) per ton, starting on March 1. Duties will also be introduced on exports of corn at €25 per ton and barley at €10 per ton.

“Export duties on wheat, barley and corn will be adjusted, which will help stabilize prices for these products on the domestic market,” said the document published on the website of the Cabinet of Ministers on Tuesday.

In April, Russia capped grain shipments until July, to avoid domestic price spikes amid the global coronavirus crisis.

Moscow introduced export limits for certain grains, including wheat, rye, barley and corn, saying that the supplies should not exceed seven million tons.

Also on rt.com Russia keeps global grain supplies high despite Covid crisis

In December, Russian authorities introduced an export limit of 17.5 million tons for certain grains for the remainder of the marketing year during the current season. Earlier this month, they approved raising duties on grain exports to protect domestic supply and stabilize the prices for flour and bread.

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