Russia introduced a quota from February 15 until June 30, 2021, for the export of wheat, rye, corn, and barley in the amount of 17.5 million tons, Report informs, referring to gazeta.ru.
The restrictions do not apply to the countries of the Eurasian Economic Union (EAEU).
This measure should help stabilize prices for flour and bread against the backdrop of sharply higher grain prices.
Moreover, an export duty will be introduced. From February 15, exported wheat will be subject to a duty of €25 per ton, from March 1 to €50 per ton. From March 15, the measure will also apply to corn (€25) and barley (€10). Export of rye won’t be taxed.
Moreover, outside the quota, there will be a prohibitive duty of 50% of the customs value, but not less than €100 per ton.
On January 26 of this year, it became known that Russian Prime Minister Mikhail Mishustin signed a decree on increasing the export duty rate for wheat within the export quota from March 1, 2021, from €25 to €50 per ton.