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According to information published in the Telegram channel of the Russian Government, the basic export prices used to calculate rates of export customs duties on grain crops have been increased by 1,000 rubles per ton for wheat, meslin, barley, and corn.
This increase in basic export prices will reduce export duty rates by an average of 700 rubles per ton, which in turn will stimulate the export of the mentioned products and support agricultural producers.
The resolution that increased the basic export prices was published on the Official Internet Portal of Legal Information on June 28, 2024.
According to this resolution, the basic export prices for wheat and meslin were increased from 17,000 to 18,000 rubles, while prices for barley and corn were raised from 15,875 to 16,875 rubles.
The adopted decision reflects record grain crops in 2023 and sufficient supply in the domestic market of these products.
Earlier, the Minister of Agriculture Oksana Lut announced that the adjusted export duties on grain from Russia will come into effect on July 1, 2024.
Since June 2, 2021, Russia has introduced a grain dampening mechanism that involves adjusting export duties on wheat, corn, and barley based on indicative prices, as well as returning part of the revenue from duties to agricultural producers in the form of subsidies. The duty rate is determined by the Ministry of Agriculture weekly based on contract data on the Moscow Exchange and amounts to 70% of the difference between the base and indicative prices. Initially, the duties were calculated in dollars, but as of July 1, 2022, they were converted to rubles.
