Sources reported a possible ban on sugar exports from Russia until August

Published Feb 29, 2024

Tridge summary

Russia is reportedly contemplating a ban on sugar exports outside the Eurasian Economic Union (EAEU) until July 31, 2024, according to market sources. The proposed ban by the Ministry of Agriculture is aimed at balancing the production surplus by ensuring sufficient carryover stocks for the new season. The majority of these exports are transported by rail, with a smaller portion by road and a minimal amount by sea.

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

Original content

Moscow. February 29. INTERFAX.RU - Russia may introduce a ban on the export of sugar outside the EAEU until the end of the current sugar season (until July 31, 2024 inclusive), market sources report. As the Sugar.ru telegram channel reported, the possibility of limiting exports was discussed at a meeting at the Ministry of Agriculture. This department proposed limiting the supply of sugar outside the EAEU. “According to the Ministry of Agriculture, the sugar exported since the beginning of the season is already enough to level out the production surplus, and the current balances will allow us to enter the new season without strong price fluctuations,” the statement says. As for supplies to the EAEU countries, it is proposed to agree on certain volumes for them. One of Interfax's sources confirmed that the meeting discussed the issue of banning sugar exports. “In principle, this issue began to be discussed some time ago, it is caused by concerns about the intensification of sugar ...

Source: Interfax