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Russia cancels wheat export customs duty — government’s official Twitter

May 15, 2015, 11:29 UTC+3
The wheat export duty was imposed on February 1, 2015 in order to stabilize bread and flour prices on the Russia’s domestic market in conditions of high grain export rates due to ruble devaluation
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Wheat being loaded for export in Russia

Wheat being loaded for export in Russia

© ITAR-TASS/Valery Matytsin

MOSCOW, May 15. /TASS/. The Russian Government has canceled the wheat export customs duty, the cabinet of ministers said on Friday in its official Twitter.

"The decision was made to abolish the export customs duty for wheat," the statement said.

The Russian government imposed the wheat export duty from February 1, 2015 in order to stabilize bread and flour prices on the Russia’s domestic market in conditions of high grain export rates due to ruble devaluation. The duty equals 15% of the customs value plus 7.5 euro but at least 35 euro a tonne.

The Russian Ministry of Agriculture suggested reducing wheat export duties to zero from May 15 on May 5, with a change in its formula. The new procedure of the export duty calculation stipulates that the export fee will total 1 euro against the aforesaid domestic price level, the ministry reported. The duty will vary depending on the contracted supply price.

"It is critical for us that the grain price is profit-making for farmers. Restrictions will certainly be in place for the case of economic contingencies but they are formal by nature," Russian Minister of Agriculture Alexander Tkachev said earlier.

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