Russia imposed additional tax on wheat export in order to reduce the increased export and balance the supply by the reason of increased prices in global markets against the decreased value of ruble.
Russia that is one of the leading wheat producers and exporters announced that it imposed additional tax on wheat export in order to protect the stocks in domestic market and stop wheat export from increasing because of ruble’s depreciation and prices’ being on rise in global markets.
According to the decision, 15 percent of wheat customs value will be counted as export tax by 1 February 2015. Moreover, 7.5 euro per ton will be taken as additional tax and the tax of per ton will not be less than 35 euro. Export tax on wheat will not be applied in the member countries of customs union. The government states that additional tax will make contributions to the stability of local markets. Russia had indefinitely stopped the loading process of wheat in railroads on 17 December. They state export activities will start again with additional taxes.
Russia that harvested 105 million tons grains will export almost 30 million tons of grain remaining after being used for domestic consumption and stocks. It is estimated that the amount of exported grains is nearly 21 million tons.