UPDATE: Russia to abolish wheat export duty until July 2018

(Provides new headline, adds details in first two paragraphs)

MOSCOW, Aug 30 (PRIME) -- Russia will abandon the wheat export duty until July 2018, Deputy Agriculture Minister Dzhambulat Khautov told reporters on Tuesday.

“The export duty on grain will be abolished in Russia until July 2018,” he said.

Khautov said that the ministry’s proposal to abandon the Russian wheat export duty had been approved at a meeting held by Deputy Prime Minister Arkady Dvorkovich.

“Cutting the wheat export duty to zero has been approved during a meeting held by Arkady Dvorkovich,” he said.

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

(65.0810 rubles – U.S. $1)

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