Friday, January 16, 2015

Russia bans wheat exports

Russia has banned wheat exports in an effort to hold prices from rising too high.

Market analysts say that will increase wheat exports from the European Union and the Ukraine.

It will also damage Russia’s reputation because it will be seen as an unreliable supplier, the market analysts say.


Russia is under severe economic pressure because of a number of factors, including trade sanctions arising out of its invasion of Crimea and support for rebels in Eastern Ukraine, the steep drop in the price of oil and a mounting deficit.