Government says approves flexible grain duty from June 2

MOSCOW, Feb 8 (PRIME) -- The Russian government has approved a flexible export duty on wheat, corn and barley from June 2, according to a statement published on Monday.

"A flexible export duty on wheat, corn and barley will be enacted from June 2. The formula of its calculation has been approved by Prime Minister Mikhail Mishustin," the statement read.

Last week the government prepared a mechanism of permanent regulation of grain prices with flexible duties starting from June 2. There will be no export duty at a global wheat price of below U.S. $200 per tonne, and at a price of above $200 per tonne the duty will amount to 70% of the surplus. The income from the duty will be spent on farmer support.

According to the government statement, the duty will be calculated weekly by the Agriculture Ministry.

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