The Government of the Russian Federation has reset the floating rate of export duties on wheat, barley and corn until December 31, 2026. This is reported on the website of the Ministry of Agriculture.
In addition, it was established that with respect to the damper mechanism for sunflower oil and sunflower meal, the "floating" export duty will not exceed the level of August 2026 (7,748 thousand rubles per ton of oil and 312 rubles per ton of meal).
A floating duty on grain exports has been in effect in the Russian Federation since 2021. Its fees amount to 70% of the difference between the base and indicative prices. The rate is calculated weekly based on indicative prices formed taking into account the value of export contracts registered on the Moscow Stock Exchange.
Since September 1, 2021, Russia has been operating an export duty mechanism for sunflower oil and meal. The amount of the fee is 70% of the difference between the base and indicative prices, while the indicative price is defined as the arithmetic average of market prices for the month.
