Miller Magazine Issue: 155 November 2022

32 MILLER / NOVEMBER 2022 NEWS Russia, the world’s largest wheat exporter, is considering abolishing its grain export quota which it usually sets up in the second half of the July-June marketing season, the Interfax news agency reported, citing Rus- sian Deputy Prime Minister. Russia, the world’s largest wheat exporter, is working with Eximbank and the Russian agency for export credit and investment insurance. Russia, which supplies its wheat to Africa and the Middle East, usually sets up grain export quotas for the period from mid-February and until the end of June to secure enough supply for the domestic needs. “The harvest is big, so, in principle, probably, yes, there are no prerequisites to impose any quantitative restrictions at the moment,” Viktoria Abramchenko, who is in charge of the agriculture sector in the government, was quoted as saying by Interfax. Russia is on track to harvest a re- cord grain crop of 150 million tonnes, including 100 million tonnes of wheat, in 2022, according to President Vladimir Putin’s forecast. Russia may start providing trade finance to importers of its grain as sanctions imposed on Moscow since it sent troops to Ukraine affect this financial instrument, Agriculture Minis- ter Dmitry Patrushev said. Russia, the world’s largest wheat exporter, is working with Eximbank and the Russian agency for export credit and investment insurance “to provide financ- ing to foreign companies for the purchase of our products”, Patrushev told the RBC business daily in an interview. “This will give us the opportunity to sell large amounts. Because there is also a problem with settlements so far,” he added. Some importers of Russian grain are currently paying in roubles or their local currency, and the number of such deals is rising every month, Patrushev said. Egypt and Tur- key are the largest buyers of Russian grain. Russia considering abolishing grain export quota Russia may start providing trade finance to importers of its grain