PM: Russia annuls export duty on wheat for 2 years

ASTRAKHAN, Sep 2 (PRIME) -- The Russian government has annulled the wheat export duty for two years, Prime Minister Dmitry Medvedev said at a meeting on agriculture on Friday.

“We have decided to annul the wheat export duty for the next two years. The grain market will receive an additional stimulus for growth as the result of this,” Medvedev said.

Russia imposed the wheat export duty on July 1, 2015, and it is measured as 50% of the price minus 6,500 rubles per tonne, but at least 10 rubles per tonne.

Deputy Agriculture Minister Dzhambulat Khatuov said that the abolishment of the duty will allow Russia to increase wheat exports by 5 million tonnes to 30 million tonnes a year.

(65.2566 rubles – U.S. $1)

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