Russia imposes wheat export tax, other steps to stabilise food prices

Russian Prime Minister Mikhail Mishustin signed on Tuesday a list of orders aimed at stabilising food prices, including a grain export quota and a wheat export tax, the government said. The new measures were announced by officials on Monday.

Russian Prime Minister Mikhail Mishustin signed on Tuesday a list of orders aimed at stabilising food prices, including a grain export quota and a wheat export tax, the government said.

The new measures were announced by officials on Monday. They aim to combat rising domestic food prices after President Vladimir Putin criticised the impact of excessive inflation. Russia has decided to introduce a quota for overseas shipments of wheat, rye, barley and corn (maize) limiting exports to 17.5 million tonnes for the period Feb. 15-June 30, the government said in the statement.

It has also decided to introduce a wheat export tax of 25 euros ($30.40) per tonne within that quota for Feb 15-June 30. If export volumes exceed the quota, the tax for wheat would rise to 50% of the customs price or 100 euros per tonne, whichever is higher.