Russia is accelerating plans to switch to a formula-based tax on wheat exports, the economy minister said on Thursday, as Moscow strives to curb food inflation in the COVID-19 pandemic.
Reuters reports the switch to a formula, which will now take place on June 2, a month earlier than previously planned, will mean the tax will automatically rise in response to any increase in prices.
The tax is designed to cut domestic prices as it curbs exports and therefore increases the amount of wheat available within the country.
The tax will also become a permanent grain export mechanism in Russia, the minister told a meeting with President Vladimir Putin earlier on Thursday.
