Russia Signals Cheaper Grain Shipments To Friendly Countries
(Bloomberg) -- Russia may offer cheaper grain exports to countries that have not imposed sanctions, the latest sign that Moscow is using the nation's food superpower status as a political tool.
The government could get the power to lower duties on commodities exports including grain and fertilizers to “friendly” countries, Prime Minister Mikhail Mishustin said in a televised speech on Thursday.
Russia is the world's top wheat exporter and is shipping record volumes again this season, while its fertilizer deliveries are recovering to pre-war levels. It already adjusted the way its wheat-export tax is calculated in May, lowering the levy. The tax is currently at about $30 a ton, while traders sold Russian wheat to Egypt at $264 a ton — including freight — in the latest tender.
President Vladimir Putin last week promised to send free grain to six African countries that have strong ties with Moscow.
Russia's State Duma is currently on holiday, so the measure is unlikely to be brought in until at least Sept 5.
Read More: Russia Is Tightening its Grip on the World's Wheat Supply
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©2023 Bloomberg L.P.
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