Russian Government to Intervene in Grain Market

The government will carry out large-scale interventionist purchases of grain to the value of USD 160-190 million. Deputy Prime Minister and Minister for Agriculture Alexei Gordeev made this announcement yesterday in Volosovo in the Leningrad Region, while appearing before leaders of regional branches of the Russian Agricultural Movement. According to Gordeev, the question of stabilising prices on the grain market will be discussed at a meeting on August 29, which will be attended by representatives of the Finance Ministry, the Central Bank and the Russian Agricultural Bank.

Gordeev also announced that the situation in the agricultural-industrial sector, in particular the question of stabilising the grain market, will be examined at a cabinet meeting on September 19. He added that the meeting will also look at developing grain exports, particularly by lowering transportation tariffs.