Публикация посвящена возобновлению экспорта зерновых из России, запрет на который длился почти год, а также введению Украиной экспортных пошлин на зерновые культуры
Russia restarted grain exports on Friday 1 July 2011, marking the end of a highly controversial export ban that had lasted almost a year. Prior to the ban, Russia had been the world’s third largest producer of grain. The ban contributed to a dramatic increase in global wheat prices. Coincidentally, 1 July 2011 was also the date on which Ukraine introduced export duties on grain: wheat at 9%; maize/corn at 12%; and barley at 14%.
The price of Russian grain is low at present, but there are fears that the reintroduction of exports will lead to a significant increase in the domestic price of grain. There are suggestions that the Russian government may follow the Ukrainian example and seek to protect the domestic market by imposing export duties or export quotas for grain. There are also reports that the Ukrainian government may increase current levels of export duties should there be a jump in domestic prices.
Despite concerns about possible further government intervention and a muted response to its return to the market, Russia is well-placed to win back international custom in view of the relatively low price of its grain, decreasing grain stocks in North Africa and the recent difficulties faced by other big producing regions, notably floods in the USA and droughts in the EU.
For traders entering into grain contracts where there are concerns about reliability of supply and/or other government intervention, or where export duties may affect the contract, it is advisable to consider which party bears responsibility for paying taxes/duties, and whether there is a contractual right of cancellation, whether by force majeure or otherwise.
The standard GAFTA Prohibition Clause allows sellers to cancel contracts where an act of the government of the country of origin or shipment restricts export, partially or otherwise. Consideration should be given to whether contracts are limited to grain originating from one country, such as Russia, or from loading ports in one country. If it is not limited in this way, then the GAFTA Prohibition Clause is unlikely to apply. The Prohibition Clause does not apply where the contract can still be performed but is made less profitable as a result of an increase in export duties.
For more information, contact Martina Kelly, Associate, on +44 (0)20 7264 8155, or martina.kelly@hfw.com