The new customs duties on Russian wheat exports, which mechanism is being developed by the Ministry of Agriculture and Ministry of Economic Development, may start working in August 2015, and they will be denominated in RUR currency, declared the source from the Government on May 23.
According to him, till August the grain prices will somewhat increase, and the foreign exchange rates will also change.
As a reminder, the Ministry of Agriculture of the Russian Federation has developed a new customs mechanism to limit wheat exports, which is denominated in RUR, and its calculation is based on the foreign exchange rates. The Ministry proposed the special calculation formula, where the USD contract price is converted into RUR, then it is halved, and 5500 RUR is deducted from the sum.
But the Ministry of Agriculture of Russia did not comment details of the reporting formula, claiming that the document is at the approval stage.
