MOSCOW, RUSSIA — Russia is considering increasing its currently planned wheat export tax as part of its efforts to stabilize domestic food prices, the head of the Russian Union of Grain Exporters told Reuters.
The tax is currently set to be $30 per tonne between Feb. 15 and June 30. Along with the tax, Russia has set a grain export quota and taken other measures to stabilize prices.
Eduard Zernin, head of the grain export group, said the $30 levy has been completely absorbed by the global markets.
“So, the government has no other choice but to consider raising the duty to an amount that can have a significant impact on the domestic market,” he told Reuters. “It is too early to say how much it will be, it will be discussed in the next few days. I very much hope that we will be invited to discuss the new parameters.”
Two sources familiar with the discussions said the government was considering $60 per tonne.