Russia will cancel export duty on wheat by July 2018 due to an expected record harvest of grain this year in the country, the Russian news agency Interfax reported Wednesday.
"The export duty on grain (wheat) will be abolished in Russia by July 2018," Russian Deputy Agriculture Minister Jambulat Khaturov quoted as saying by Interfax.
Russia introduced an export duty on wheat in February 2015 to stabilize the domestic grain market.
The current duty, which have been in effect from Oct. 1, 2015, amounts to 50 percent of the customs value minus 6,500 rubles (about 100 U.S. dollars) per metric ton, but not less than 10 rubles (16 cents) per metric ton.
