December 4, 2008

 

Russia to resume beef imports

 
 

As the Russian government flushes the market with liquidity, local importers are re-starting trade.

 

Trade was aversely affected during September and October as stocks plunged and the US dollar appreciated. The result was a credit crunch that caused many Russian importers unable to continue current contracts.

 

The Brazilian Beef Exporters' Association expects that trade will resume to normal early in the New Year when all stocks are consumed and Russian ports recover from the freezing winter conditions.

 
Finance Minister Alexei Kudrin said the government was drafting plans to inject an additional RUB300 billion (US$10.7 billion) into the economy to beef up corporate loans, and help Russian firms weather the current crisis.
 
Some RUB7 billion (US$250 million) would be set aside to subsidise loans to farmers.