The Government of the Russian Federation announced the removal of the wheat export duty on 23 September, as announced in late August (FPMA Food Policies). The duty was first introduced in February 2015 and was subsequently adjusted several times according to market conditions. In October 2015, the duty to be paid was reduced and set at 50 percent of the contract price in US dollars minus RUB 6 500 rubles (about USD 100) per tonne, with a minimum threshold of RUB 10 (0.15 USD) per tonne (FPMA Food Policies). The removal of the duty follows the stabilization of the local currency and aims to stimulate exports, as the record crop this year will further boost already high domestic supplies.