Russia will not raise wheat export duty after July

According to a statement made by Russia’s vice premier, the fate of wheat export duty after July 1 is still being discussed at the government, but its rate will surely not be raised, reports UkrAgroConsult.

The zero duty on Russian wheat exports expires on July 1. Then the duty may be either extended or abolished.

Russia reduced its wheat export duty to zero for the period from September 23, 2016 until July 1, 2018. The duty was imposed on July 1, 2015 in order to stabilize the grain market. Its rate has been changed for several times. Since October 1, 2015, it equaled 50% of the customs value minus RUB 6,500, but no less than RUB 10/MT.

Source: UkrAgroConsult