The Government of Russia canceled the customs duties on wheat exports, which operated since February 1, 2015. On May 15, Dmitry Medvedev, Prime Minister of Russia, signed the corresponding decree #467 “On approval of the rates of export customs duties on the goods exported from the Russian Federation outside the territory of the member-states of the Customs Union, and Invalidation of the certain legislative acts of the Russian Federation" and repealed the decree of the Government dd. December 25, 2014, #1495 “On amendments to the rates of export customs duties on the goods exported from the Russian Federation outside the customs territory of the member-states of the Customs Union".
According to the press-service of the Government, the signed decree canceled the export duties on wheat. Such action will withdraw nearly 1 mln tonne of wheat from the market at the expense of export supplies, and provide additional funds to Russian agricultural commodity producers, in order to assist to hold the spring crops planting campaign. It is expected that the decree will prevent oversupplying of the market, and stop falling prices for grains in the period of the harvesting campaign below the prime cost level.
The reporting decree covers all legal relations arising since May 15, 2015, informed the press-service.
