Its largest agricultural company RussiaCargill stop grain exports. His announcement adds to the uncertainty about the future of agricultural supplies through him. Black Sea.

Russia ranks first in the world in grain exports and is critical to the global food supply. Thanks to last year’s good harvest, grain futures are down more than 40% from the record levels they soared to. after the Russian invasion of Ukraine.

However, Moscow claims that its decision Cargill this will not affect the country’s overall exports, although this is its main export business. According to him, this season the company intends to maintain a full load of agricultural products.

However, fears about the impact of his decision on Russian exports are expected to drive up grain prices. Wheat rose 2.5% to $7.17 a bushel in the Chicago market, the highest level since early March.

The representative of the Russian government even stressed that the country “is ready and willing to cooperate with all foreign companies whose activities contribute to the development of both the domestic market of Russia and its export potential.”

The largest Russian agricultural company Cargill announced the immediate cessation of grain exports.

Russian agricultural products are not subject to sanctions, but trade could be hampered by the restrictions now facing Russian banks and state-owned companies. In addition, the Russian authorities and domestic industry are systematically forcing many large international grain trading companies to leave the country.

Meanwhile, grain prices hit their highest level in more than a month yesterday. The spike in grain prices following the Russian invasion of Ukraine has helped many commodity traders make windfall profits, although it has also sparked much speculation about whether they should do business with Russia.

According to Eduard Zernin, head of the Russian Union of Grain Exporters, of which Cargill is a member, “the grain business and trade has become and is becoming more politicized, but it is also becoming very dangerous.” He expressed satisfaction that the Russian company had decided to limit its exposure to risks and get rid of its toxic activities.

It should be noted that in December a documentary film about the grain sector was shown on the largest Russian TV channel. In it, the governors of grain-producing regions call for limiting the participation of foreign companies in the Russian market.

At the same time, UralChem, Russia’s largest fertilizer company, told the Russian President that it was ready to buy the assets of Cargill and Viterra in Russia.

In recent years, foreign grain trading companies have faced aggressive competition from Russian firms as Moscow seeks to expand its influence in the food sector.