Russia bans export of buckwheat

RUSSIA / FSU POLITICS - In Brief 05 May 2021 by Alex Teddy
On May 4 the government said that it had temporarily forbidden shipping buckwheat out of the country. The reason is that prices have risen 4.4% since the start of 2021. The ban takes effect on June 5 and will only be relaxed at the end of August 2021.220,000 tons of buckwheat were exported in 2021 as opposed to 79,000 in 2020. Pundits have said that the export ban is needless since there is ample supply, and prices shall tumble at harvest.Rye, barley, corn and sunflower oil are restricted for export. This is due to comestible price inflation.Gasoline prices rose 5.2% YoY in March 2021. However, there was no export ban despite proposing it. The government persuaded major oil companies to reduce price rises in Russia. This change took effect on May 1. The government is loath to institute an export ban because then oil companies would simply switch to making semi-finished products for export.

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