August 28, 2008
Russia to invest heavily in agriculture
To ensure the protection of Russia's agricultural producers en route to the WTO, the government will earmark RUB 21 billion (US$854.9 million) per year for the agricultural sectors in 2009 through 2012.
Of the amount, RUB 8 billion (US$325.7 million) will be allocated for extra subventions to purchase fertilisers, RUB 9 billion (US$366.4 million) will be used to develop the dairy and meat industries, RUB 2.3 billion (US$93.6 million) will subsidise interest rates and RUB 1.7 billion (US$69.2 million) will be spent during the government's grain interventions.
Russia's prime minister Vladimir Putin said negotiations with the US on reductions of US poultry are expected to begin in the near term.
