Russia raises grain export duties to 40%
Russia will introduce a 40% export duty on wheat, meslin (wheat and rye mixed), and barley. This duty will take effect from January 29, 2008 and will apply until April 30, 2008.
The government’s decision to introduce grain export duties and carry out
so-called “grain interventions” (selling grain from the state intervention fund)
was prompted by increased prices for bread products. Any
country cares about its food security, keeping the balance between production
and consumption,” he stressed. Grain prices are high both in Russian and foreign
markets, which “leads to an unjustifiable increase in exports,” Agriculture
Minister Alexei Gordeyev said.
In the Agriculture Ministry’s
estimation, Russia will export between 12.5 million and 13 million tonnes of
grain by February 1, 2008, having harvested 81 million tonnes of grain in 2007,
the best result over the past five years.
The decision to lift the
limitations could be based on harvest forecasts that could be announced in
April, according to Gordeyev.
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