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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Russian grain export ban comes into force AFP - 1 hour 17 minutes ago Send IM Story Print Russian grain export ban comes into force MOSCOW (AFP) - – A ban on Russian grain exports ordered by Prime Minister Vladimir Putin came into force on Sunday, with the government battling to keep down prices of basic foodstuffs amid a record drought. According to a government decree signed by Putin on August 5, the ban will extend from August 15 up until December 31, although the powerful premier has indicated it may even extend beyond that date if the harvest is bad. Russia, the world's number three wheat exporter last year, has already warned that its grain harvest this year will be just 60-65 million tonnes, compared to 97 million tonnes in 2009. The drought amid the worst ever heatwave in Russia's history has ruined one quarter of the country's crops, according to President Dmitry Medvedev. The export ban is aimed at keeping the Russian domestic market well supplied with grain to prevent sharp rises in prices. Russia's leaders, acutely nervous of social unrest, will be keen to avoid any discontent over food prices. "We must not allow an increase in domestic prices and must preserve the headcount of our cattle," Putin said bluntly as he announced the ban. Last year, Russia exported 21.4 million tonnes of grain and had even embarked on a major new campaign to boost its international market share, an ambition that now must be set aside for some time. Russia requires 78 million tonnes of grain domestically and can cover the shortfall with 9.5 million tonnes from a state fund and 21 million tonnes left over from last year's harvest, the government has said. Medvedev acknowledged last week that both market participants and ordinary people were worried about "how this extraordinarily hard summer would affect the prices of the most basic foodstuffs." He vowed the authorities would not allow grain prices to rise and would keep a close eye on costs for food products such as flour, bread, meat and milk. The export ban from such a key global player stung world wheat markets, sending prices to two-year highs and sparking worries of a crisis in global food supplies. Putin has shrugged off the controversy, warning that the ban could even be extended. "There is no need to count on a quick removal of the export ban," he said, adding that anyone waiting for December 31 was doing so "in vain". There has been criticism of the ban even within Russia, with some players saying it will take the country years to regain its international market position and risks driving domestic grain producers out of business. In contrast to the tough talk of the prime minister, Medvedev admitted that producers had been put in a difficult position. He said they should be helped so they can prove they had no option but to comply with the ban, allowing them to claim 'force majeure' when they fail to meet contracts. "We have put producers involved in exports into a difficult position," he said. "Having done this, we must help them have the legal proof that (there) was a force majeure and it was not possible to fulfil deliveries." Recommend Send IM Story Print News Search Top Stories Russian grain export ban comes into force Germany revving up but Merkel continues to sputter Summer breather in Greece ahead of austerity push Wall Street ends week with sharp drops and gloom Australia corals to light up cancer cure fight More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Belgian man dies of South Asian superbug Obama endorses mosque plan near Ground Zero Wall Street ends week with sharp drops and gloom Australia corals to light up cancer cure fight Germany drives record Europe recovery, but experts fear peak More Most Viewed » Obama endorses mosque plan near Ground Zero Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity Visitors attack Taiwan 'haunted house' actors World's first full face transplant man appears on TV More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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