07:24 GMT +321 January 2019
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    Russia ups grain export duty to stabilize bread prices

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    MOSCOW, December 28 (RIA Novosti) - The Russian government has increased export duty on grain from the current 10% to 40% to stabilize domestic bread and flour prices, the government's press office said on Friday.

    Prime Minister Viktor Zubkov signed a corresponding government resolution on Friday, the press office said.

    "The resolution will come into force one month after it has been officially published and will be effective until April 30 to stabilize retail prices," the press office said.

    The need for grain intervention arose when grain prices reached a record level of 6,300 rubles ($250) per metric ton of class 4 wheat and 5,700 rubles ($226) per metric ton of forage fodder in July 2007. Prices of bread, flour and other wheat-based food products also grew as a result.

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