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Russia to Start Formula-based Grain Export Mechanism in April
USAgNet - 02/05/2021

Russia, one of the world's largest wheat exporters, plans to launch a permanent grain export mechanism on April 1, its economy minister Maxim Reshetnikov said on Thursday in a meeting with President Vladimir Putin.

According to Reuters, the mechanism is a formula-based export tax for grain to which Moscow, which is trying to curb rising food prices amid the coronavirus crisis, previously planned to switch from fixed-size tariffs which it imposed from Feb. 15.

"The situation in the global food market is unfortunately worsening," Putin said, adding that there was also a need to prepare a mechanism to support grain producers.

Global wheat prices have risen since mid-December when Russia said it would try to slow exports with fixed export taxes.

Reshetnikov did not provide any details on the formula but said that it was going to be a permanent "price damper" aimed at "prevention of transfer of global price fluctuations and high global prices to our domestic market."

From April 1, Russian grain exporters will have to register their contracts at one of Russia's bourses, which would then calculate a price indicator for the formula, he added.

The formula may be set at 70% of the difference between the price of wheat per tonne and $200, sources told Reuters on Saturday. They expected it to start from June 1.


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