Russia Cancels Export Duty on Wheat for Two Years

Moscow decided to cancel the export duty on wheat for the next two years to give the domestic grain market an additional incentive for growth.

ASTRAKHAN (Sputnik) — Russian Prime Minister Dmitry Medvedev said Friday the government had decided to waive the duty on wheat exports for two years.

"We have decided to cancel the export duty on wheat for the next two years. As a result, the domestic grain market will receive an additional incentive for growth," Medvedev said at a meeting on agriculture development in Russia.

Russia introduced an export duty on wheat in February 2015 to stabilize the situation on the internal grain market.

The current duty, which is in effect from October 1, 2015, amounts to 50 percent of the customs value minus 6,500 rubles (about $100 at the current exchange rate) per metric ton, but not less than 10 rubles per metric ton.