MOSCOW, Dec 01 (Reuters): Russia cut 2025 wheat export quota by two-thirds, hiked wheat export duties and abandoned import quotas for some staple foods on Friday as the government called for new measures to ensure that domestic price growth is under control.
The Eurasian Economic Union Council said that Russia's export quotas for the second part of the export season from Feb. 15 to June 30, 2025, will stand at 11 million metric tons, down from 29 million tons in the same period this year.
The EEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia and coordinates the customs and tariff policy of its members. In a separate announcement, Russia's Agriculture Ministry hiked the wheat export duty by over 18 per cent from Dec 4.
"We are strengthening control over the export of agricultural products to prioritize the supply of the domestic market. These measures should stabilise the price situation," said Deputy Prime Minister Dmitry Patrushev.
Russia allows grain exports quota-free from July to January, the first half of the export season, and then introduces quotas among some 260 domestic traders authorized by the authorities to sell grain in international markets.
Analysts expected the cut in the export quota, caused by the high pace of exports in recent months and a worse-than-expected harvest due to bad weather in most Russian wheat-producing regions.
© 2025 - All Rights with The Financial Express
