Russia to impose grain exports duties

According to the Prime-Minister of the Russian Federation Vladimir Putin, in the current year grain exports will total nearly 24-25 mln tonnes.

After that we will impose the certain limitations in order to have the sufficient volume of grain in the country for bread production and to have the carry-over stocks for the next year.

The Prime-Minister also noted that at the moment the Government does not plan to realize grain interventions, but will provide shares-for-loans auction with possibility of buy-back.

According to the Prime-Minister, the stated approach can be explained by the fact that grain intervention costs a lot, it's hard to store grain, there is no the sufficient number of storage facilities, grain quality becomes worse and grain storing cost is at the level of the cost of grain.