In the face of soaring food prices, Moscow taxes wheat exports

Faced with the rise in the prices of basic food products, bread in mind, the Kremlin decided to introduce an export tax on its wheat. The measure will be effective from February 15 until June 30, 2021. Russia being the largest exporter in the world, prices on world markets have climbed in anticipation of this measure.

Russia’s agriculture and economic development ministries will introduce a tax on exported wheat (but not on other grains) of 25 euros per tonne. What to encourage producers to sell, not abroad, but on their domestic market. The government hopes this will create momentum to bring down domestic prices, especially flour and bread.

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