Russia's economy ministry is backing a proposal made by the agriculture ministry last week to limit Russian grain exports to 7 million tonnes from April through June because of the coronavirus pandemic, it said on Monday.
While the proposal is unlikely to have much initial impact, as 7 million tonnes is roughly what Russia was expected to export in the last quarter of the 2019/20 season, the move has raised expectations tougher steps may follow, traders said.
"We agreed on such a draft resolution on March 27 as part of our work against the coronavirus," the economy ministry said in response to a request for comment. Russia exported 25.2 million tonnes of wheat, rye, barley and corn in the first six months of the 2019/20 season and shipped a further 7.2 million tonnes between the start of 2020 and March 26.
Comments
Comments are closed for this article.