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Exporters Halt Exports of Fruits and Vegetables to Russia due to New Currency Risks

submitted by mikenigger to Russia 6 monthsNov 26, 2024 10:32:50 ago (+1/-1)     (archive.is)

https://archive.is/WbwIx

https://www.freshplaza.com/north-america/article/9682087/ruble-devaluation-triggers-fruit-export-cancellations-to-russia-amid-soaring-inflation/

Recent reports from EastFruit highlight a series of cancellations for previously agreed shipments of fruits and vegetables to Russia from Turkey, Egypt, and Iran. These cancellations are attributed to the sharp devaluation of the Russian ruble and emerging currency risks associated with trade with Russia. The country is currently grappling with galloping weekly inflation, with a notable increase in consumer prices by 0.37% in the latest week, pushing the year-to-date inflation rate to 7.4%. Despite the Central Bank's efforts to control inflation by increasing the refinancing rate, these measures have had little impact.


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