The export duty on Russian wheat set at 25 EUR/t may be raised, informed Interfax agency on January 12 citing the grain market sources. The duty will came into force on February 15, 2021.
“The duty may be raised to 50 EUR/t, as the inner wheat prices have not declined as it was expected”, - one source says.
Another source informs that there are plans to increase the wheat export duty, however, any certain size is not given.
The Chairman of the Board of the Union, Eduard Zernin points out that the duty is set to stabilize the prices of grain on the domestic market.
“However, even now we can see that planned 25 EUR/t are nearly absorbed by the external markets. Thus, the government is forced to consider the raise of the export duty to the size able to influence on the inner market. It is early to say what the size of the duty will be. I hope they will invite us to discuss the issue”, - the expert says.
Later it’s became known that the Ministry of Economic Development of the Russian Federation would hold a meeting of subcommission for customs, tariff and non-tariff regulations, safeguard measures for external trade late this week to discuss the worthwhileness of duty raise.
Russia has implemented the export quota on wheat, rye, barley and corn at 17.5 mln tonnes to be valid since February 15 to June 31, 2021. In-quota duty on wheat is set at 25 EUR/t, out-of-quota duty is set at 50% but not less than 100 EUR/t.
