MOSCOW: Russia's wheat export tax will fall sharply on June 2-8, the agriculture ministry said on Friday, as it started setting the size of its formula-based duty.

Russia, one of the world's largest wheat exporters, decided to impose permanent formula-based grain export taxes earlier this year as part of other measures the government hopes will help to stabilise domestic food inflation.

The wheat export tax will be set at $28.1 per tonne starting from June 2 to June 8, the ministry said. Export taxes for barley and maize are at $39.6 and $52.2 per tonne, respectively.

The size of the June 2-8 wheat export tax means a sharp reduction from the current 50 euros ($61).

The decision also means a significant increase to the barley and corn taxes on June 2-8 from the current 10 euros and 25 euros per tonne, respectively.

The size of the formula-based taxes is determined by the agriculture ministry on a weekly basis, based on price indicators traders are reporting.