News
Russia using tariffs to control exports
Russia’s government is restricting some grain and oilseed exports in an effort to limit domestic price inflation and bolster supplies.
Starting January 10th, Moscow will raise export tariffs on sunflower seeds and rapeseed and February 15th tariff-rate quotas on 17.5 million tons of grain, including barley, corn, rye, and wheat go into effect.
Wheat will be subject to a 25 Euro per ton tariff within that quota, that’s about $30 per ton, rising to 50% but not less than 100 Euros per ton outside of the quota, while barley, corn, and rye will have no tariff within that quota.
The tariffs and restrictions are scheduled to last through the end of June and could drive some export business to the U.S.
