October 31, 2011
Russia offers to peg grain export duties to world market prices
Russia offers to peg export duties on grains to the prices at the international exchange markets, said Sergei Sukhov, a representative from Russian Ministry of Agriculture.
According to him, to date the proposal is under the development stage, and will be sent to the Government by November 1 (Tue), 2011.
Sukhov said that the customs duties should react to changes of foreign prices. That is why, the domestic market focuses on the international market in order to set the domestic price level, he explained.
According to Sukhov, the Chicago Mercantile Exchange may be selected as the stock market indicators.
Previously, Andrei Klepach, Deputy Minister of Economic Development, told that the Ministry already submitted to the Government own calculations and proposals on the rate of the floating duties on grains, depending on the world market prices. He also stressed that the significant increase of domestic prices may become the indicator of imposition of the customs duties.