Russia to buy grain for state reserves in August - ministry

The reserve is designed to curb market prices
calendar icon 19 July 2022
clock icon 1 minute read

The Russian government will start buying grain for the state's reserve fund next month, reported Reuters, citing the agriculture ministry on Tuesday.

The ministry said it would plan to buy around 1 million tonnes of grain from Russian producers this year, starting in August.

The state's grain reserve fund is designed to help smooth prices in the domestic market, allowing the government to cool the market by offloading supplies should prices rise too fast.

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