August 18, 2010

EU unstirred by Russia's grain export ban 

Russia's recent ban on grain exports will have almost no impact on the EU grain market, according to European Commission official representative Frederic Vincent on Tuesday (Aug 17).

The EU imports less than one million tonnes of grain from Russia, while total domestic production in EU countries amounts to 280 million-300 million tonnes per year, Vincent said.

The EU now has plenty of grain in stock and will not suffer from Russia's decision to ban grain exports, he added.

Russia's ban on grain exports took effect on August 15 and is expected to be in force until December 31. Russia decided to introduce the ban due to a reduced grain harvest caused by drought.