RUSSIA, April 20 - The Government has approved an additional part of the quota for the exports of grain crops from Russia outside the Eurasian Economic Union. This measure is aimed at supporting agricultural producers. Considering the record grain harvest in 2023 and sufficient stocks of these products on the domestic market, farmers will be able to additionally export their products.
According to the signed resolution, the additional part of the quota for the exports of grain, meslin, barley, rye, and corn will account for five million tonnes. It will be in force throughout 30 June 2024. Its volume will be distributed among foreign trade participants by the Ministry of Agriculture.
The main share of the quota approved by the Government for the period of 15 February to 30 June amounts to 24 million tonnes.
The new mechanism for introducing quotas for the exports of grain crops, which allows distributing an additional part of the quota among exporters, was approved by the Government in 2023, thanks to which an optimal balance between the domestic grain market and exports of these products can be maintained. Within the quota, grain exports are subject to a variable duty depending on the price situation; outside the quota, there is a protective duty, which is updated annually by the Ministry of Agriculture.
