EAEU countries will limit the export of grain, sunflower oil and sugar

Published Apr 7, 2022

Tridge summary

The EAEU countries (Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan) are planning to introduce a single quota for the export of grain, sunflower oil and sugar. This will guarantee food security and partly stabilize commodity prices. The draft decision of the Board of the Eurasian Economic Commission (EEC) on restrictions has been submitted for discussion, which should end on April 18.

Original content

It is proposed to introduce export quotas for wheat and meslin (a mixture of wheat and rye), barley, corn, sunflower oil and its fractions, as well as white sugar and raw cane sugar. These goods are of "priority importance in ensuring the food security of the member states of the Union and play a significant role in ensuring price stabilization of the situation on the Union's market," the explanatory note to the draft says. Food shortages do not threaten the EAEU countries. But restrictions on the export of vital food will help stabilize prices The EAEU countries will have to submit to the EEC their calculations of the annual production and consumption of these goods. After that, the quota will be distributed among the states. A single export quota is planned to be introduced for six months. "The EAEU is the largest net exporter of agricultural products, and therefore we are not threatened with a shortage of vital goods," Andrey Slepnev, Minister for Trade of the EEC, noted ...
Source: Oilworld
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