The head of VTB proposed to limit the transactions of Western grain traders in Russia
Russia
Published Sep 30, 2022
Tridge summary
The head of VTB, Andrey Kostin, has addressed Russian President Vladimir Putin with a proposal to restrict the activities of grain traders associated with unfriendly states in the country, Reuters writes, citing a letter, a copy of which is at the disposal of the agency. According to the agency, Kostin proposes to ban the purchase of grain and oilseeds by companies owned by persons associated with unfriendly countries.
Original content
The head of VTB, Andrey Kostin, has addressed Russian President Vladimir Putin with a proposal to restrict the activities of grain traders associated with unfriendly states in the country, Reuters writes, citing a letter, a copy of which is at the disposal of the agency. According to the agency, Kostin proposes to ban the purchase of grain and oilseeds by companies owned by persons associated with unfriendly countries. The proposal of the head of VTB also includes a ban on the ownership of Russian firms that are engaged in loading grain at ports and storing grain. “Exporters from unfriendly countries own about 15% of the transshipment capacity of Russian ports in the Azov-Black Sea basin, which allows them to derive additional profit from the trade in Russian grain, while the Russian economy and budget receive significant revenues,” Kostin said in a letter. The proposed ban, in his opinion, will give Russia "a fundamentally different level of influence on market ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.