Russia Suspends Grain Export Duty Amid Ukraine Conflict
Russia has suspended its floating export duty on wheat, barley, and corn until the end of 2026 due to disruptions in shipments through the Black and Azov seas. The attacks by Ukraine have affected over 70% of exports, forcing Russia to restructure its logistics.
The suspension will keep export duties on grain at zero until December 31, while sunflower oil export duty will be frozen at August levels. This decision comes as wheat futures have reached their highest level in three years, threatening global food supplies.
Ukraine and Russia together account for over a quarter of global wheat exports, making the conflict a significant concern for international markets. Research firm SovEcon has forecast that September exports would fall to the lowest level since 2010.