Russia to launch permanent regulation of grain exports in April

MOSCOW, Feb 4 (PRIME) -- The Russian government will launch a permanent grain exports regulation mechanism comprising an export duty and a refund instrument on April 1, Economic Development Minister Maxim Reshetnikov told with President Vladimir Putin on Thursday.

“We are now working on a permanent mechanism that will be introduced on April 1 and will be indefinite. It will be a so-called pricing damper. Its goal is to prevent a transfer of volatility and high prices of the global market to our internal market,” he said.

“It will consist of two parts. The first is an export duty that will change under pre-defined rules. … The second part of the mechanism is supposed to be an instrument to refund all money to the agricultural producers. The Agriculture Ministry and we are now (discussing) a subsidy mechanism in proportion to the land areas.”

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