Russia decides not to extend prohibitive grain export duty

Moscow, May 28 (UNI) The Russian government has decided not to extend prohibitive duty rates on grain exports, its Agriculture Minister Alexei Gordeyev said today.

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

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

Mr Gordeyev said his country expects to harvest 85 million metric tons of grain this year.

''Grain balances will top 11.5 million metric tons as of July 1, an increase of 1 million metric tons in comparison to last year,'' he said.

UNI XC SZ HT1655