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August 5, 2010

RUSSIA: Moscow bans grain exports following drought

Russian Prime Minister Vladimir Putin has imposed a temporary ban on exports of grain and other agricultural products derived from corn from the country due to the worst drought in a century.

Russian Prime Minister Vladimir Putin has imposed a temporary ban on exports of grain and other agricultural products derived from corn from the country due to the worst drought in a century.

He added that the country has sufficient reserves, but that it needs to “prevent the growth of domestic food prices in the Russian Federation [so] it is necessary to keep livestock and create reserves next year.”

A spokesperson said the ban will come into effect from 15 August and will apply to contracts that have been signed.

As Russia is one of the world’s biggest grain producers, wheat prices have rocketed on the news of the export ban.

Putin added grain from the government’s intervention fund would be handed out to the regions most in need and financial aid would be offered to farmers.

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