Russian ag ministry proposes new wheat export duty formula

Donskoy | Reuters –– Russia’s agriculture ministry said on Tuesday it had finalized the methodology for the calculation of a wheat export duty that will be introduced from July 1.

It has proposed exporters pay a duty of one rouble per tonne on wheat priced up to 11,000 roubles (C$268) per tonne on a free-on-board basis, spokeswoman Ekaterina Popova said.

When the price exceeds 11,000 roubles per tonne, exporters would pay duty equivalent to half of the price minus 5,500 roubles, she said.

The proposed formula has to be approved by the government.

The new duty will replace a tax levied on wheat exports in February aimed at cooling food prices following a sharp fall in the value of the rouble currency last year.

That duty was lifted on May 15, ahead of a June 30 deadline.

Reporting for Reuters by Polina Devitt; writing by Maria Kiselyova.

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