Russia Approves Formula-Based Grain Export Tax System

Russia on Monday, approved a formula-based export tax system for wheat, corn, and barley that is designed to help combat domestic food price inflation, according to a Reuters report.

The system will come into force on June 2, according to an order signed by Prime Minister Mikhail Mishustin.

The switch to a formula will mean the tax will automatically rise in response to any increase in prices.

The formula will be set at 70% of the difference between a base price for wheat per tonne and $200, the government said.

To read the full Reuters report, click here.

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