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Thursday, August 24, 2017

Russia will not ban grain exports, despite falling ruble

Russian Agriculture Minister Nikolai Fyodorov has announced that there are no plans to limit or ban grain exports despite continued ruble devaluation, the Eurasian Development Bank reported Monday.

According to the minister, there would be little to gain if grain were to be kept exclusively for domestic consumers. Further, such measures would damage the federation's reputation by a considerable amount. The ministry aims to pursue other measures of regulating the grain market to help domestic consumers.

“State banks’ crediting of grain purchases by livestock farms, flour mills and bakeries [are] an alternative to the embargo," Fyodorov said.

The ministry forecasts grain exports at 30 million tons. Total grain harvested is expected to be approximately 104 million tons, although higher numbers would not be out of the question.

“I would very much want the harvest to be 105 million tons, but it is still early to say whether we’ll reach this level,” Fyodorov said.

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