Russia has formally approved a higher export tax on wheat from March 1, the government said Tuesday, in another push to curb a rise in domestic food prices triggered by the COVID-19 pandemic, according to a Reuters report.
Global wheat prices jumped after the proposal to raise the tax was first announced by Russian officials earlier in January on expectations that it could make buyers prefer wheat from other countries.
Russia approved a 50 euro ($61) per tonne wheat export tax from March 1 to June 30 compared to the 25 euro-per-tonne tax set for Feb. 15 to March 1. A barley and corn export tax is set at 10 euro/t and 25 euro/t, respectively, from March 15 to June 30.
The move tightens up measures to stabilize grain prices initiated by the Russian government in December.
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