Economic Development Minister Andrei Belousov announced at the Sochi Economic Forum that the Russian government will limit grain exports. He announced this measure would be necessary if world grain prices continue to grow, adding that the measure could be implemented before the end of autumn.
Global grain prices have continued to grow since the middle of summer, beginning with a drought in the US that negatively impacted harvest forecasts. Russia also had a poor harvest this year, causing grain prices to increase 2-3 times in some regions. According to forecasts, neither the US, nor Russia will have enough grain to meet domestic demand.
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