February 8, 2021

Russia imposes tax on wheat exports


In late-January, Russia's Ministry of Economy implemented a new policy on cereal exports and imposed a tax on wheat exports at €50 (about US$61) per tonne.


The tax will be applied in the period from March 1 to June 30.


Additionally, a flat tax for barley and maize exports was introduced and set at €10 (US$12.04) per tonne and €25 (US$30.09) per tonne, respectively, to be enforced from March 15 to June 30.


The new policy complements a previous policy, in which the tax for wheat exports was set at €25 per tonne for the period from February 15 to June 30, 2021, along with a quota for cereal exports, including wheat, rye, barley and maize of 17.5 million tonnes.


The new measures seek to halt a sustained upward trend in domestic prices for food staples since early 2020, amid concerns of rising inflation having a negative impact on Russian consumers' access to food.


Last month, prices of wheat and maize were on average 30% and 60%, respectively, higher than their year-earlier levels.



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