Russia Suspends Grain Export Duty Amid Black Sea Disruptions

Russia has suspended its floating export duty on wheat, barley, and corn until the end of 2026 due to disruptions in grain shipments caused by Ukrainian attacks in the Black Sea. The decision was made 'given the need to restructure logistics,' according to the Economy Ministry's statement.

The suspension of the duty comes as commercial ships and ports in the Black Sea have been targeted, affecting over 70% of Russia's grain exports. Ukraine has also attacked Russian ports on the Sea of Azov, causing significant disruptions to the country's wheat shipments.

Russia exported less than half as much wheat in August compared to the same month last year, and SovEcon forecast that September exports would be the lowest since 2010. The attacks have sent wheat futures soaring to their highest level in three years, threatening global food supplies.