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ECONOMICS > Putin decides not to limit grain exports this year

MOSCOW - The Associated Press

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Russia’s Prime Minister Vladimir Putin said Russia will not limit grain exports this year as the nation has overcome the consequences of a severe drought two years ago.

Global wheat prices skyrocketed in 2010, when Russia banned exports after the hottest summer on record slashed production levels. A year earlier, Russia had exported 21.4 million tons of grain and was the world’s third-largest exporter.

Putin said yesterday that he sees “no need” to limit the exports this year. His deputy, top agriculture official Viktor Zubkov, said at a televised meeting with Putin that this year’s exports might reach 27 million tons.

After decades of stagnation, Russian agriculture has seen an unprecedented boom in recent years, fueled by private investment and state subsidies.

March/20/2012

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