Russian Gov't Introduces 35-Euro Wheat Export Duty Starting February 1

The Russian government said in a statement posted on its website that it will impose a customs duty on wheat exports.

MOSCOW, December 25 (Sputnik) — The Russian government said Thursday it will impose a duty on wheat exports in the amount of at least 35 euro per metric ton starting February 1, 2015.

"The signed directive introduces customs duty on wheat in the amount of 15 percent of the export price plus 7.5 euro, but not less than 35 euro per metric ton," the government said in a statement, posted on its website.

According to the statement, the introduction of the export duty is aimed at stabilizing the situation on the domestic grain market.

Deputy Prime Minister Arkady Dvorkovich said earlier on Thursday that the government was expecting to maintain grain export duties until at least mid-2015 after their introduction.

Dvorkovich announced the government's plans to prepare proposals for the introduction of duties on grain exports from Russia on Monday.

The statement was made amid rising volume of grain export, due to the ruble's volatility, which leads to a decrease of grain reserves and poses risks to the country's food security.