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Russia to Maintain Grain Export Taxes

Formula will help government to change the size in case of a sharp growth in global prices

PEXELS
PEXELS

Russia's new formula-based grain export taxes will remain in place as long as there is increased global demand for food, says Deputy Prime Minister Victoria Abramchenko.

According to a report at the Business Recorder, Russia, one of the world's largest wheat exporters, launched the taxes on Wednesday as part of measures Moscow hopes will help to stabilize domestic food inflation.

The government plans to update the taxes each week which, traders have said, will complicate forward sales to major customers such as Egypt.

World food prices increased for a 11th consecutive month in April, hitting their highest level since May 2014, the United Nations food agency has said.

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