The Russian government on Monday approved a formula-based export tax system for wheat, corn and barley that is designed to help combat domestic food price inflation, reports Reuters.
The system will come into force on June 2, according to an order signed by Prime Minister Mikhail Mishustin.
Russia’s Economy Minister said last week the country was accelerating plans to switch to a formula-based tax on wheat exports, as part of efforts to curb food price inflation during the COVID-19 pandemic.
The formula will be set at 70% of the difference between a base price for wheat/ tonne and $200, the government said.
