Russia is making new agreements with food suppliers, and sanctions won’t lead to domestic agri-food market isolation, Deputy Prime Minister Viktoria Abramchenko said in a statement. She asked not to drive up artificial demand with purchases for the future and said that there are no conditions for risks of a shortage or for a reduction in product range.
“Russia has been providing itself with all basic food products and has been increasing the deliveries of import to saturate the market with different products and increase the assortment for the Russian consumer. But it is not worth driving up artificial demand with purchases for the future. There are.
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While Russia is managing the crisis to support its economy from the impact of Western sanctions, countries around the world are beginning to feel the effect of those sanctions on their own economies. Economists are raising concerns of an upcoming global recession as financial turmoil intensifies.
Anti-Russia sanctions’ impact on global economy
Sanctions imposed by the West against Russia will have a bigger impact on global gross domestic product (GDP) than the conflict in Ukraine itself, World Bank said on Monday. The International Monetary Fund (IMF) has also warned of a ‘severe impact’ on the global economy and financial markets, saying.
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China’s Foreign Exchange Trade System (CFETS) has set a wider trading band between the Chinese RMB Yuan and Russian Ruble stating this was “in accordance with the requirements of market development”.
It widens the daily trading band for the RMB exchange rate with the Ruble, allowing the currency cross to trade 10% in either direction of a daily midpoint set by China’s central bank, up from the previous 5%. CFETS said the new trading band was set “with the approval of the People’s Bank of China and the State Administration of Foreign Exchange”. The move took effect from Friday.
The trading band change is a practical response.
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Total meat and poultry production in 2022 is forecast to be 16 million tons, and 32,5 million tons for dairy. It is higher than last year, said Dmitry Patrushev, the Russian Prime Minister of Agriculture, at the President’s meeting with the members of the Government as reported by Interfax.
5.1 million tons of fisheries catches are forecast in 2022. Total production of aquaculture to be 387 thousand tons. “It is also higher than last year,”saysDmitry Patrushev.
Crop yield is predicted to be 123 million tons.
The Head of the Ministry of Agriculture underlined that local food producers meet the population’s needs for basic food products,.
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Global food and feed prices could rise 8-22% amid grain trade disruption.
The United Nations’ agricultural body warns disruption to world grain supply as a result of the Russia-Ukraine crisis could push up food and feed prices by as much as 22%.
Russia and Ukraine are “significant” producers of barley, wheat and maize, accounting for 19%, 14% and 4% of global output, respectively, according to the UN’s Food and Agriculture Organization. More than half of the world’s sunflower oil production came from the two countries in the study periods 2016-17 and 2020-21, it said.
Meanwhile, rapeseed and soybean production.
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Washington’s embargo also includes Russian vodka.
US President Joe Biden has signed an order to ban imports from “signature sectors of the Russian economy”, including seafood.
The embargo, announced on Friday, is part of Washington’s efforts to “ramp up the economic pressure on Putin and to further isolate Russia on the global stage”, Biden said.
There is also set to be a ban on the export of luxury US goods to Russia. “They’re not the last steps we’re going to take,” Biden said.
According to data from US government agency The National Oceanic and Atmospheric Administration (NOAA), Russia was the 11th.
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Businesses may be subject to bankruptcy within six months, finance ministry says
Enterprises of foreign companies that have pulled out of Russia may be subjected to bankruptcy proceedings, according to Russian Finance Minister Anton Siluanov. He said on Monday that the insolvency procedure for such businesses could take from three to six months.
At the same time, the minister said,“Russia wants foreign companies to continue to operate in the country,”noting that their departure“is not beneficial to anyone.”
Earlier, the Ministry of Economic Development expressed hopes for the return of a significant part of foreign businesses to.
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Russian officials are considering a drop in taxes for Brazilian poultry imports to stabilise the domestic prices. Eggs and chicken meat are the most affordable animal proteins for many Russians and the demand for these products has been rapidly increasing in the last 12 months.
Moscow has imposed grain export curbs and other measures in an attempt to slow food inflation amid the COVID-19 pandemic and falling household incomes. The possible tax cut was mentioned at a meeting of agriculture ministry officials and Russia's largest poultry producers on Tuesday, at which they discussed rising prices for poultry and eggs, according to the RIA news agency.
This.
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The increase in production contributes to maintaining stable prices for meat in Russia.According to the ministry, shipping prices for pork even decreased by 3.6% (data as of February 23). Producers reduced the cost of chicken meat by 0.9%.
The ministry noted that Russian livestock breeders are increasing the production of meat and milk, fully provide the Russian market with the main types of meat products and supply a significant part of dairy products.
The positive dynamics will continue in the current year, the Ministry of Agriculture believes.
According to the data for January 2022, the country's agricultural enterprises increased the production of poultry.
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The Federal Center for Animal Health (FGBI “ARRIAH”) has the capability to increase production of veterinary vaccines for food-producing animals. This will allow for a decrease in production costs and continuous supply of animal medicines to Russian farmers, reports the press office of Rosselkhoznadzor.
“Considering the possibility of upcoming reduction in the number of vaccines imported to Russia, the import substitution capacity of FGBI ARRIAH – the leading Russian manufacturer of vaccines against FMD and other diseases of farm animals – have been estimated. The potential of the institution to increase its production capacities will allow.
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