The export duty on exported wheat from Russia will be canceled prior to July 2018, according to “RIA Novosti” with reference to the deputy head of the Ministry of Agriculture Jambulat Khatuov. According to him, the proposal Ministry of Agriculture to introduce zero duty rate was approved at a meeting with Deputy Prime Minister Arkady Dvorkovich.
Earlier, sources of “Interfax” reported that following the meeting the Vice Prime Minister instructed the Ministry of Agriculture to work as possible zero rate duties and the validity of such decisions.
President of the Russian grain Union Arkady Zlochevsky said that the meeting was discussed and the option of full abolition of duty, but in the end it was decided to abolish its rates.
“The decision is quite positive for the market and intensifying export”, – said Zlochevskiy
cancellation fee should help to increase the export of grain, the scope of which, as of mid-July 2016 decreased compared to the previous year by 7. 4%. At the same time grain harvests in 2016 significantly higher than those of 2015, which leads to lower prices. According to the Ministry of Agriculture, by 29 August had been collected 89.3 million tons of grain (24% more than it was at this point in 2015) in Russia, including wheat – 61.8 million tons (+ 29.56%) .
The decision on the introduction of duties on grain exports was adopted by the government in December 2014. The very duty was introduced 1 February 2015. This measure has been taken to stabilize the situation in the domestic market.
On October 1, 2015 the government reduced the fee from 50 to 10 rubles. per ton. Also from the duty action was derived durum wheat, which is particularly useful for making pasta.
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