The Ministry of Agriculture of the Russian Federation began to calculate duties on grain exports in rubles.
According to the agency, the export duty on wheat from the Russian Federation from July 6 will be 4,600 rubles per ton, on barley – 3,307 rubles, on corn – 2,168.8 rubles per ton.
These fees will be in effect through July 13th.
Fees are calculated based on indicative prices. The price for wheat was $404 per ton, for barley – $352.5, for corn – $322 per ton.
Under the previous calculation formula, the duty amounted to $146.1 for wheat, $117.5 for barley, and $88.7 per ton for corn.
From June 2, 2021, the Russian Federation introduced a grain damper mechanism, which provides for floating duties on the export of wheat, corn and barley and the return of funds received from them to subsidize agricultural producers. The amount of duties is calculated weekly on the basis of price indicators based on the prices of export contracts, which are registered on the Moscow Exchange.
Prior to this, fees were calculated in dollars. On June 30, the government adopted a resolution to convert them into rubles. The base price for calculating the export duty for wheat is set at 15,000 rubles per ton, for barley and corn – 13,875 rubles per ton. The duty is 70% of the difference between the base and indicative price. The duty formula includes such an indicator as „the arithmetic average of the US dollar against the currency of the Russian Federation, set by the Central Bank of the Russian Federation for five working days preceding the date of calculation of the export customs duty rate for grain crops.”