Back
The Russian Ministry of Agriculture has issued a notice to reduce wheat export tariffs (in rubles) by 41.16% for the next week, while barley and corn tariffs will remain at zero levels.
From July 31 to August 6, 2024, the benchmark price for Russian wheat and blended wheat is $220.5 per ton, with an export tariff of 906.4 rubles per ton. In contrast, from July 24th to 30th, the benchmark price for Russian wheat and blended wheat was $233.3 per ton, with an export tariff of 1540.4 rubles per ton.
The benchmark price for corn is 187.4 US dollars per ton, with an export tariff of 0; The benchmark price for the previous week was $188.0, with an export tariff of 0.
The benchmark price for barley is set at $177.9 per ton, with an export tariff of 0; The benchmark price for the previous week was $177.1, with an export tariff of 0.
On June 21st, the Russian Minister of Agriculture announced that the adjusted grain tariffs will take effect from July 1st, 2024. On May 31st, the Russian Ministry of Agriculture released a draft resolution to increase the price base for calculating grain tariffs by 1000 rubles per ton, including raising the starting price for wheat tariffs from 17000 rubles per ton to 18000 rubles per ton; The tariff on corn and barley has been raised from 15875 rubles to 16875 rubles per ton.
On May 29, 2023, the Russian government raised the starting price of grain tariffs by 2000 rubles per ton. Starting from June 1, 2023, the base price for calculating wheat tariffs will be increased from 15000 rubles to 17000 rubles per ton, and the export base for corn and barley will also be increased by 2000 rubles to 15875 rubles per ton.
On June 30, 2022, Russia announced that tariffs would be changed from US dollars to rubles starting from July 6, 2022. The calculation formula is based on subtracting 15000 rubles/ton from the wheat benchmark price, and then multiplying by 70%. The wheat benchmark price in the formula is calculated by the Moscow Stock Exchange based on the FOB contract price reported by the exporter. The export base price for barley and corn has also been changed from $185/ton to 13875 rubles. The tax calculation formula is to subtract 13875 rubles from the base price and then multiply by 70%.
The Russian Ministry of Agriculture will implement formula based taxation starting from June 2, 2021.
On Monday, the Russian ruble exchange rate was 86.50 rubles to 1 US dollar, compared to 86.63 rubles a week ago.
Note: 1 US dollar is equivalent to 86.50 rubles