Russia won’t export food to the detriment of its own market

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Moscow, May 20 | Russia will not export food to the detriment of its own market, Deputy Chairman of Russias Security Council and former President Dmitry Medvedev said.

In a lengthy Telegram post, Medvedev commented on the recent statements by Western leaders about food security.

As Russia and Ukraine are major wheat suppliers, accounting for some 30 per cent of global exports, the prices have significantly grown since the launch of the Russian military offensive in Ukraine and the subsequent sanctions imposed on Moscow by the US, the EU, the UK and some other Western nations, RT reported.

On Wednesday, UN Secretary-General Antonio Guterres said that fertilisers and food products from Russia should be available to the world markets without obstacles.

Medvedev agreed that without wheat and other food supplies from Russia, the importing countries would “have a very difficult time”, especially, he noted, because without Russian fertilisers, “only juicy weeds [would] grow” on their fields, RT reported.

In Medvedev’s opinion, the West is now “backing up” because “all these hellish sanctions are worthless when it comes to vital things”, such as food or energy.

Sanctions interfere with everyone’s desire to live a normal, prosperous life, the former Russian President argued.

The expansion of NATO and the “mess with the calculations of debts, payments and other things” have aggravated the situation, he said.

According to Medvedev, Russia is ready to fulfil all of its obligations, but it has the right to expect some assistance from its trading partners. Otherwise, he emphasised, there would be no logic to it.

“On the one hand, insane sanctions are being imposed on us, and on the other hand, [the West] is demanding food supplies,” he said.

“It will not happen, we’re not idiots,” he said, adding that there would be no export deliveries to the detriment of the Russian market, RT reported.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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