Russia Imposes 6-Month Grain Export Restrictions

The Russian government announced today, Thursday, that it has taken proactive measures to support the stability of the local grain market by imposing temporary export restrictions based on the request of the Ministries of Agriculture and Economic Development for a duration of 6 months. The Russian government stated in a press release, "These steps are part of ongoing support efforts to stabilize prices and ensure adequate supplies for the local market." The statement added, "The restrictions include a cap on exports of basic grains at a volume of 24 million tons, inclusive of wheat, barley, and corn." It is noted that this restriction does not apply to supplies heading to the countries of the Eurasian Economic Union.