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Thursday, February 22, 2024

Russia bans wheat export due to the increasing domestic demand

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Russia, the world’s leading wheat exporter, has announced a temporary ban on wheat exports starting from January 1, 2024, citing the need to ensure domestic food security amid rising global demand and prices. The decision was made by the Russian government after a meeting with representatives of the grain industry and farmers’ unions.

The ban will affect about 15 million metric tons of wheat that were expected to be shipped abroad in the first half of 2024, according to the Russian Ministry of Agriculture. The ministry said that the ban was necessary to prevent a shortage of wheat and flour in the domestic market, as well as to stabilize the inflation rate, which has been driven up by the soaring cost of food.

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