The Russian government has annulled the wheat export duty for two years, Prime Minister Dmitry Medvedev said.
“We have decided to annul the wheat export duty for the next two years. The grain market will receive an additional stimulus for growth as the result of this”, Medvedev said.
Russia imposed the wheat export duty on July 1, 2015 and it is measured as 50% of the price minus 6,500 rubles per ton, but at least 10 rubles per ton.
Deputy Agriculture Minister Dzhambulat Khatuov said that the abolishment of the duty would allow Russia to increase wheat exports by 5 million tons to 30 million tons a year. (Prime/Business World Magazine)