Russia: Russia reduces grain export taxes to support shipments
Sanctions-hit Russia has reduced its grain exports taxes sharply after changing the formula it uses for calculating them to support shipments in the July-June marketing season, the agriculture ministry said on July 1.
Russian farmers are expected to harvest a massive wheat crop this summer, bringing a record exportable surplus in the 2022/23 season. However, shipments are complicated by high export tax, a strong rouble and sanctions-inflated costs for freight and insurance.
The new base price for calculating the wheat export tax is set at 15,000 roubles ($283.68 at the current rate) per tonne, the ministry said.
It was previously in U.S. dollars at $200 a tonne. The Agriculture Ministry used the base price as well as price indicators reported by traders to determine the level of tax on a weekly basis.
The wheat export tax itself is set at 4,600 roubles ($85.8 at the current rate) per tonne for July 6-12 against $146.1 per tonne for June 29-July 5, the ministry said in a separate note.
Russia is the world's largest wheat exporter and aims to remain so, President Vladimir Putin said this week. It continues to supply its traditional markets in the Middle East and Africa despite disruption to Black Sea supply chains.
The United Nations has said the world faces a hunger crisis because of reduced supply from Ukraine, the Black Sea ports of which have been blocked since Moscow sent thousands of troops into the country on Feb. 24.
Moscow blames Western sanctions for problems on the global food market.
Russia also decided to change the base price for calculating barley and maize export taxes: 13,875 roubles a tonne will replace the current $185 a tonne, the ministry said.
This led to lower taxes for barley and maize from July 6 as well.
For sunflower oil, the base price for tax calculation will be 82,500 roubles per tonne rather than the current $1,000 a tonne.
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