Fruit imports to Russia have practically stopped; Egypt, Türkiye, and Ecuador are among the hardest hit

Published 2024년 6월 14일

Tridge summary

The United States has imposed sanctions on the Moscow Exchange and its members, leading to the suspension of trading in dollars and euros, and the suspension of instruments with settlements in these currencies. This has resulted in a panic in the Russian foreign exchange market and complicated foreign trade operations. The sanctions have also temporarily paralyzed trade in fruits and vegetables and led to an increase in prices for these items in Russia. Suppliers are hesitant to conclude new contracts due to payment uncertainties, and importers are factoring in new currency risks and higher transaction costs, leading to a significant increase in the prices of fruits and vegetables on the Russian market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The sanctions that the United States imposed on Russia Day against the Moscow Exchange, as well as its members the National Clearing Center (NCC) and the National Settlement Depository (NSD), led to panic in the foreign exchange market of the aggressor country. The exchange was forced to suspend trading in dollars and euros, as well as instruments with settlements in these currencies. This means that the main instrument for setting the exchange rate was lost, and the foreign trade operations of the Russian Federation, carried out in the main reserve currencies, became sharply more complicated. Moreover, according to economists and financial market experts, each transaction in dollars or euros will be much more expensive for counterparties from Russia. This, according to EastFruit experts, led to a temporary paralysis of trade in fruits and vegetables and an increase in prices for them in the Russian Federation. Let us recall that Russia is one of the world's largest importers of ...

Source: Eastfruit