October 12, 2007

Russia to raise new grain export duties this week

New grain export duties of 10 percent on wheat and 30 percent on barley would kick in this week, Agriculture Minister Alexei Gordeyev said.

He added that a relevant government resolution would be signed later this week.

Once the new export duties are applied, the government will begin grain interventions, with 1.5 million tonnes of wheat prepared for that purpose.

The government would also take all necessary measures within a month.

Gordeyev said he expects the market to stablise as early as next week.