MOSCOW — Russia has introduced taxes on wheat exports, an effort to reduce food prices after the ruble’s collapse made it attractive for farmers to sell grain abroad.
The tax, which runs from February through June, will be 15 percent of a shipment’s total value, plus 7.50 euros ($9.14) a metric ton, according to a statement posted Friday on the government’s website. The charge will reduce exports by at least 6.5 percent for the season ending June 30, the Institute for Agricultural Market Studies, or Ikar, predicted Friday.
Russia, the world’s fourth-biggest wheat exporter, is adding restrictions to international grain shipments to cope with a currency crisis that has raised food prices for consumers. While in the past Russia’s curbs have boosted wheat prices on the Chicago exchange, the effect will be smaller this time because of a record global harvest, said Dmitry Rylko, director of Moscow-based Ikar.
