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Thursday, October 6, 2022

Sanctions-hit Russia stockpiling grain

MOSCOW: Russia, one of the world’s top grain producers, is using export disruptions caused by sanctions to boost its reserves, the chairman of the country’s grain union said Monday.

Russia’s offensive in Ukraine and Western sanctions have disrupted deliveries of wheat and other commodities from the two countries, fuelling concerns about the risk of hunger around the world.

Russia and Ukraine produce around a third of the global wheat supply.

“Our stocks are nearly 20 percent higher than last year… Instead of supplying the world market, we are replenishing our own stocks,” Arkady Zlochevsky told a press conference.

He said Russia will have exported 36 million tonnes of wheat before June 30, about four million tonnes below its full export potential.

“All the information hysteria about the upcoming famine is actually only helping to drive up prices. It’s not the best game and it can end badly,” Zlochevsky said.

“When the hysteria is over… prices will simply crash,” he said.

Sanctions-hit Russia stockpiling grain

Source: Brecorder

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