Russia sets grain tariff quota, wheat export duty for Feb 15-Jun 30

MOSCOW, Dec 15 (PRIME) -- The Russian government has set a 17.5 million tonne tariff quota on grain exports and a 25 euro export duty on wheat from February 15 until June 30, according to a statement seen by PRIME on Tuesday.

"In order to stabilize the prices for flour and bread, the government has set a tariff quota of 17.5 million tonnes on exports of wheat, rye, barley and corn. Excessive grain exports will be subject to a duty of 50% of the customs price of exported products but no less than 100 euros per tonne," the statement read.

The duty on exports under the quota is zero for rye, barley and corn and 25 euros per tonne for wheat.

The government will also reimburse flour producers for some of their spending on wheat purchases. The companies will be entitled for up to 50% compensations of the difference between the current wheat price and the average monthly price for same periods in the last three years.

The Economic Development Ministry has submitted a bill envisaging introduction of an export duty of 15% but no less than 135 euros per tonne on sunflower seed oil if the price stabilization agreement is not fulfilled.

According to a statement on the government's website, Prime Minister Mikhail Mishustin signed several orders to stabilize the food price situation. The texts shall be published later.

(72.9272 rubles – U.S. $1)

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