Deputy Prime Minister Viktoria Abramchenko clarified that external sales will continue to be possible under certain licensesand that the size of shipments would not exceed the current grain export quota.
It is worth remembering that Russia is the world’s largest exporter of wheat and its main buyers are Egypt and Turkey. It mainly competes with the European Union and Ukraine.
“A real ban on Russian exports would be a big game changer. Markets had hoped that the ceasefire in Ukraine would lead to a swift resumption of Russian exports from the Black Sea,” one trader said.
Russia’s exportable surplus for this period is estimated at between 6 and 6.5 million tons of wheat, according to Dmitri Rylko, director of the IKAR agricultural consultancy.
Russian wheat exports are down 45% from the start of the current July-June marketing season due to a smaller harvest and foreign sales taxes, as well as export quotas that Moscow uses from 2021 as part of the measures to stabilize food inflation at the local level.
Source: Ambito
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