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The Russian government has decided not to extend prohibitive duty rates
The Russian government has decided not to extend prohibitive duty rates on grain exports, Agriculture Minister Alexei Gordeyev said on Wednesday.

The government earlier fixed export duties on barley and wheat at 30% and 40%, respectively, rates that were set to expire on April 30. The move was intended to stabilize domestic retail bread and flour prices.

"Considering that we expect a fairly good harvest this year, there is no need to introduce restrictions on grain exports from July 1," Gordeyev said.

Russia expects to harvest 85 million metric tons of grain this year, the minister said.

Russia's grain balances will top 11.5 million metric tons as of July 1, an increase of 1 million metric tons on last year, Gordeyev said, citing Agriculture Ministry forecasts.


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