Russia is going to impose export tax on wheat

[caption id="attachment_6015" align="aligncenter" width="460"] File photo[/caption] In an effort to curb rising food prices, the Russian government said on December 15 that it planned to impose an export tax of $ 30.40 per tonne between February 15 and June 30, marking the end of the country's 2020-21 crop. According to a Reuters report, the marketing year With the measure, Russia, one of the world's largest wheat exporters, wants to stabilize the prices of several products, such as flour and bread. Economy Minister Maxim Reshetinikov told that wheat export taxes would be imposed in addition to the 17.5 million tonnes of grain export quota over the same period. He said the measures will help lower domestic milling wheat prices to $191.90 per tonne excluding taxes by the end of 2020 and $176.30 by the end of February. Export taxes will be the same for all classes of wheat, although prices vary, as it will be easier to manage. Russia is one of the largest wheat exporters in the world and expects to harvest its largest crop since a record 2017. Source: Online/SZK