The Government of the Russian Federation extended the zero export customs duties on wheat until July 1, 2019. The Prime Minister of the Russian Federation, Dmitry Medvedev, signed the corresponding decree #737 dd. June 27, 2018.
According to the Ministry of Agriculture, despite rather high rates of grain exports in the current agricultural year, significant grain stocks still put pressure upon the domestic market. As of the end of 2017/2018 MY, Russia will face record carry-over stocks of grain crops. Therefore, the country has all chances to increase its export potential of grains. In such terms, the Government decided to prolong the zero export duties on wheat, according to the announcement.
The decision is oriented to keeping of a stable situation on the domestic grain market.
As a reminder, the Russian Federation zeroed the export duties on wheat since September 23, 2016, until July 1, 2018. Previously, the authorities imposed the specified duties on July 1, 2015, in order to stabilize the situation on the grain market. Its rates changed for several times, and since October 1, 2015, the duties totaled 50% of the customs value minus 6.5 thsd RUR, but not less than 10 RUR/t.