Foreign media June 23 news: Russia's grain export tariff adjustment will take effect on July 1, 2024, which will increase the baseline price of grain tariffs.

Lute told a forum that the agriculture Ministry had submitted a draft resolution to the government and was awaiting adoption by July 1. Export duties will be adjusted from July 1.

The Russian Agriculture Ministry has proposed raising the starting price of export duties on wheat, barley and corn by 1,000 rubles per ton, a measure that will reduce export duties.

The current benchmark price for calculating export duties on wheat is 17,000 rubles per ton and 158.75 million rubles per ton for barley and corn.

From June 2, 2021, Russia will impose floating tariffs on wheat, corn and barley exports and use the revenue from these tariffs to subsidize farmers. Initially, the tariff rates were calculated in US dollars, and from July 2022, in rubles. The Ministry of Agriculture of Russia calculates the next week's export indication price on a weekly basis based on the export contract price registered on the Moscow Exchange, and the tariff is equal to 70% of the difference between the export indication price and the starting price.