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Russia faces rising sugar prices and shortages as traders divert shipments

Rússia enfrenta aumento dos preços do açúcar e escassez, já que traders desviam embarques
This news article has been translated to English.
Market Situation
Apr 7, 2022
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Commodity traders have started to divert sugar shipments from Russia, according to industry sources and transport data, a move aimed at further increasing domestic prices and increasing pressure on the Russian government to cool food inflation. Russia needed sugar imports this year after two successive deficits in the beet crop, and the disruption to shipments will result in deficits as the country struggles with buying sugar and other staples, industry experts said. Sugar is widely used in Russia, including for preserving fruit and making vodka. Many Russians are stocking up on the sweetener and other staples after unprecedented Western sanctions were imposed on Moscow following the February 24 invasion of Ukraine, hitting the ruble and pushing up food prices. Russian Deputy Prime Minister Viktoria Abramchenko told state TV Rossiya 1 on Wednesday that the country has enough sugar stocks to meet demand before the new beet crop arrives in September. But industry data points to a ...
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