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The Russian Ministry of Agriculture has raised the wheat export tariff by 32% and the corn tariff by 9%.
Release time:
2024-12-24 18:25
Source:
On December 9, foreign media reported that the Russian Ministry of Agriculture announced an increase in wheat export tariffs (in rubles) by 32% for the coming week, barley tariffs by 26%, and corn export tariffs by 9%.
From December 11 to December 17, 2024, the benchmark price for Russian wheat and mixed grain is set at $233.8 per ton, with an export tariff of 4871.5 rubles per ton. In comparison, the benchmark price from December 4 to December 10 was $223.5 per ton, with an export tariff of 3020.3 rubles per ton.
The benchmark price for corn is $218.0 per ton, with an export tariff of 4513.2 rubles/ton; the previous week's benchmark price was $218.9, with an export tariff of 4127.0 rubles/ton.
The benchmark price for barley is set at $187.5 per ton, with an export tariff of 2229.1 rubles/ton; the previous week's benchmark price was $186.5, with an export tariff of 1767.7 rubles/ton.
On June 21, 2024, the Russian Minister of Agriculture stated that the adjusted grain tariff starting prices will take effect from July 1, 2024. On May 31, 2024, the Russian Ministry of Agriculture raised the base price for calculating grain tariffs by 1000 rubles/ton, increasing the starting price for wheat tariffs from 17,000 rubles/ton to 18,000 rubles/ton; corn and barley starting prices were raised from 15,875 rubles to 16,875 rubles/ton.
On May 29, 2023, the Russian government raised the starting prices for grain tariffs by 2000 rubles/ton. Starting from June 1, 2023, the base price for calculating wheat tariffs was increased from 15,000 rubles to 17,000 rubles/ton; the base prices for corn and barley exports were also raised by 2000 rubles to reach 15,875 rubles/ton.
On June 30, 2022, Russia announced that starting from July 6, 2022, tariffs would be calculated in rubles instead of dollars. The calculation formula is to subtract a base of 15,000 rubles/ton from the wheat benchmark price and then multiply by 70%. The wheat benchmark price is calculated based on FOB contract prices reported by exporters at the Moscow Exchange. The export base prices for barley and corn were also changed from $185 per ton to 13,875 rubles; the tax calculation formula is to subtract 13,875 rubles from the benchmark price and then multiply by 70%.
The Russian Ministry of Agriculture implemented formula-based taxation starting June 2, 2021.
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