* Russia discusses measures to stabilise food prices

* Ministries to submit proposals to PM by Dec. 14, 0600 GMT
(Adds current wheat price, details, context)

MOSCOW, Dec 11 (Reuters) – Russian officials are considering
imposing a wheat export tax of around 2,000 roubles ($27.3) per
tonne for Feb. 15-June 30, as one of the measures to stabilise
domestic prices, three sources familiar with discussions told
Reuters on Friday.

Russia is considering imposing the wheat export tax, a grain
export quota as well as a price cap for domestic sunflower oil
and sugar prices following President ’s criticism
of rising food prices.

Discussions at several ministries are still ongoing, the
sources said.

Officials are considering a unified size of export tax for
all classes of wheat – despite varied prices for them – as it
would make it easier for them to manage payments, one of the
sources added.

The agriculture ministry did not reply to a Reuters request
for comment.

Such a single-sized tax, if approved, would be a step back
from a formula-based tax which Russia used in times of sharp
wheat price growth several years ago.

Domestic prices for the 3rd class of wheat in the European
part of Russia and excluding delivery were at 15,950 roubles
($215) per tonne at the end of last week. Export prices for
wheat with 12.5% protein in the Black Sea ports were at $252 a
tonne on a free-on-board (FOB) basis.

Putin criticised officials and market players over rising
prices for bread, flour, sugar and sunflower oil earlier this
week amid the COVID-19 crisis and Russians’ falling incomes.

Prime Minister has said Russia would take
action and requested the ministries submit proposals by Dec. 14,
0600 GMT.
($1 = 73.2470 roubles)
(Reporting by Dmitry Antonov and Polina Devitt; editing by Jane
Merriman and Elaine Hardcastle)

© Copyright Thomson Reuters 2020. Click For Restrictions – http://about.reuters.com/fulllegal.asp

Read original article here.