Posted on June, 29, 2022 at 06:32 am
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June 28 (Reuters) - Russia, the world's largest wheat exporter, will change its formula for calculating grain and sunflower oil export taxes to support shipments amid a strong rouble currency, the economy ministry said on Tuesday.
Russia has kept exporting grains but there have been problems with logistics and payments caused by the Western sanctions imposed on Moscow for its decision to send troops into Ukraine on Feb. 24.
The strong rouble is another issue, hampering exports along with a high export tax. The currency is trading at a seven-year high to the U.S. dollar due to capital controls. GRA/RU
"Recently we have seen a trend towards a gradual increase in global grain and oilseed prices, and a simultaneous strengthening of the Russian rouble," Vladimir Ilyichev, deputy economy minister, said a the statement.
The change in the formulas will reduce the impact of the dynamic of the rouble-dollar exchange rate on the size of the export taxes and support exports "while ensuring the stability of our domestic prices," the ministry said.
It did not say what the new formula would look like.
Russia launched its formula-based duty for grain exports in June 2021 as part of measures the government hoped would help to stabilise domestic food inflation. The agriculture ministry determines the size of the duty on a weekly basis, using price indicators reported by traders.
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