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.