Reshetnikov allowed the introduction of additional taxes and duties on food exports

Russia may introduce flexible export duties on foodstuffs that have not yet been affected by export restrictions to keep prices down on the domestic market, said Economy Minister Maxim Reshetnikov.

“There is no guarantee that world food prices have stabilized and peaked. Any news about yield forecasts may cause … another rise in prices for some types of food, so we constantly monitor them and take measures as needed, ”Mr. Reshetnikov told the Financial Times.

The head of the Ministry of Economy did not rule out an increase in the tax burden on companies that do not fully invest in business development. “It’s one thing when you invest all your earnings, even if they are very high, in production, development, development and so on. If you pay dividends, which is also in the order of things … it is possible that another tax level will be needed to stimulate business investment, ”he said.

Price dampers, according to Mr. Reshetnikov, are designed to induce domestic producers to develop production. “One of our sources of growth is the formation of new value chains: grain drives livestock forward, livestock drives dairy forward, and so on,” he said.

The rise in food prices in May, according to the Food and Agriculture Organization (FAO) of the United Nations, was a record since October 2010. Now and until August 31, a ban on the export of buckwheat is in effect in Russia to curb the rise in prices.

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