Russia does not plan to cancel grain export duty
Russia will retain its grain export duty system, with Deputy Prime Minister Dmitry Patrushev confirming no plans to abolish it. The flexible duty mechanism adjusts to export prices and exchange rates, while current duties on grains and sunflower meal remain at zero to support market balance and exports.
Russia has no plans to cancel the export duty on grain. This was stated on 5 June by Russian Deputy Prime Minister Dmitry Patrushev, TASS reports.
“There are no plans to cancel the duty. But I would like to remind you that we have a flexible mechanism in place that has proven its effectiveness. For grain crops – wheat, meslin, corn, barley, as well as sunflower oil and meal – floating rates are applied. They are calculated based on export prices and the ruble exchange rate,” he said.
According to the Deputy Prime Minister, this mechanism automatically adjusts to market conditions, and currently export duties on grain crops and sunflower meal are at zero level.
“If we understand that the market requires additional adjustments, the Ministry of Agriculture has all the necessary tools. Our logic here is the same as for other markets: regulation should not break the producer’s economy, but help maintain a balance between the domestic market, processing and exports,” he added.
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Source : APK Inform
