Global Rice News

**Russia Extends Ban on Rice Exports Amidst Economic Challenges and Sanctions**

In response to the ever-changing global economic landscape, the Russian government has made the decision to extend its ban on rice exports until June 30, 2024. This move is aimed at safeguarding domestic food security and ensuring stability in the domestic market.

**Russia Revisits Export Policies**

To counteract the potential impact of international market fluctuations and supply chain disruptions, Russia has chosen to prolong the ban on the export of rice and rice grains. This strategic decision is part of the government’s plan to effectively manage its resources. It should be noted, however, that the ban does not apply to regions such as South Ossetia and Abkhazia. Additionally, rice and rice grains can still be exported for humanitarian aid and international transit shipments.

(Also Read: Ukraine Intercepts 32 out of 46 Russian Drones in Overnight Attack)

**Implications of the Extended Ban**

The decision to extend the ban comes as the price of rice has reached its highest level in 15 years. Initially implemented by the Russian Ministry of Agriculture in July, the ban has been extended to further protect the country’s food reserves. Moreover, the government has introduced tariff quotas for duty-free exports of grain products, sunflower oil, and sunflower meal from specific regions.

(Also Read: Russia’s Economy Shows Resilience Despite Sanctions, Projected to Grow in 2024)

**International Sanctions and Russia’s Domestic Policies**

Concurrently with Russia’s extension of the ban, President Biden has signed a new Executive Order imposing additional sanctions on the Russian Federation. These sanctions target foreign financial institutions that support Russia’s military industrial base through transactions. The order expands secondary sanctions against parties doing business with Russia, urging foreign financial institutions to mitigate their sanctions risk by screening transactions and customers. This new Executive Order emphasizes the responsibility of foreign third parties to identify and cease transactions that may bolster Russia’s military industrial base.

Amidst these international sanctions and economic challenges, Russia’s decision to extend the ban on rice exports demonstrates the government’s commitment to prioritize the needs of its citizens and maintain control over agricultural commodities. In the face of a volatile global economy, Russia remains dedicated to ensuring stability in the domestic market and securing its food reserves.

**Source:** [BNN Breaking News](https://bnnbreaking.com){target=”_blank” rel=”nofollow”}