Russia has lowered its export tax on wheat to zero for the first time since it was introduced in June 2021, in a bid to boost stagnant grain sales.
The measure follows a sharp drop in Russian wheat exports.
The country is the world’s largest exporter of this grain, but exported only 1.12 million tonnes in June. That is a quarter of the amount from a year ago.
At the end of December, Russia’s export tax on wheat was still 4,769 rubles (52 pounds) per tonne. The Russian Ministry of Agriculture calculates the export tax on wheat, corn and barley weekly, based on the difference between basic prices and export prices.
Since the war in Ukraine, Russia has exported virtually no wheat to Europe, instead focusing mainly on markets in Africa, the Middle East, and China.
