Russia and Ukraine are both major wheat exporters and the military conflict threatens global grain production and export supplies of edible oils and fertilizers, pushing up commodity prices and mirroring the crisis in energy markets.
"What is important is to maintain balance in the food market and we are closely monitoring prices related to basic social commodities such as food, including bread," said Missustin during a government meeting.
"Russian wheat is in good demand abroad and the price is going up. This means that it is necessary to provide the necessary raw materials, primarily to the domestic bread industry." Mysustin did not say when Russia would restrict wheat exports - a step that would exacerbate the global food crisis and push market prices even higher - but added that the sowing that just started in the spring should continue without interruption.
The government will provide agricultural producers with short-term loans at concessional interest rates worth over Rs160 billion so that they have "everything they need for successful sowing amid increased demand for food in global markets".
Mysustin, referring to other measures, said that the government would reduce tax on light vehicles, allow some companies not to disclose their corporate documents and abolish income tax on deposits. It will also try to help Russian airlines retain their foreign fleets and will retaliate against countries that ban Russian ships from entering their ports. The turmoil associated with the sanctions will end sooner or later, Missustin said.
Source: CNA
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