Russian grain export move

Russia has imposed grain export curbs for the third time since 2008 in a bid to cool domestic grain prices and constrain food inflation as it tackles a financial crisis linked to plunging oil prices and Western sanctions. Russia had been exporting record volumes from a large grain crop of 105 million tonnes before the limits.

Curbs include more and longer quality monitoring and delays on getting documents needed from ports for loaded ships to set sail. The tax, or a duty on wheat exports, will amount to 15% of the custom’s price plus €7.50 and will be no less than €35 per tonne until June 30.