Russia ups wheat export tax to historic high www.rt.com
Russia has hiked up the tax on wheat exports to $101.4 per from April 13 to 19, the country’s Ministry of Agriculture announced on Friday.
This is the first time Russia has raised its wheat export duty to over $100, media reports. The levy has been on the rise for four weeks in a row after dropping for nine weeks prior to that.
The ministry also raised the export tax on barley and corn to $75.4 and $70.6 per ton, respectively.
According to Alexander Korbut, the vice president of the Russian Grain Union, Russian grain export duties are likely to grow further.
“They rose both on geopolitical risks and on the awry situation with the state of winter crops in the United States. Although the situation seems to be improving now and prices are gradually falling, any radical decline is unlikely [and] we are approaching export prices of $400 per ton. Therefore, it is quite natural that the duty will be significantly higher than the current one,” he told the Interfax news agency.
Wheat prices soared to multiple-year highs last month amid fears of a possible disruption in grain supplies due to Russia’s ongoing military operation in Ukraine. Both countries are the globe’s major wheat suppliers, accounting for about 30% of global exports.
Published Date:2022-04-11