indianarrative

Russia relatively food secured even as the world stares at rising food prices

Russia-economy.webp

A man in a smaller town in Russia looks to purchase his daily essentials

Notwithstanding the stringent sanctions on Moscow by the West, the Russian economy is “performing well.” importantly, the country, a main supplier of wheat to the world, is not facing threats pertaining to food security at a time global food inflation has become a serious cause for concern.

In order to protect the domestic market, Moscow has imposed export restrictions for grain till the end of June.  

“Russia is more or less food secured, there is no shortage of food in the country and we do not expect any shortage to come up,” Anna Koroleva, senior journalist at Expert, a Russian business weekly, told India Narrative.

“This guarantees a stable situation especially in relation to national food security,” Koroleva said adding that though the Russia-Ukraine war will have an impact on the economy, it will not lead to a collapse, as was being projected by many analysts.

“It cannot be denied that the current geopolitical situation and the associated withdrawal of a number of foreign companies from our country will negatively affect the GDP growth rate. However, statements coming from various corners that the Russian economy is on the verge of total collapse do not reflect an iota of truth,” the senior journalist said.

While Russia is no longer publishing data on its trade – both exports and imports, it has continued to export energy to the world including the European countries.

Russia too has aggressively started scouting for newer markets. Its trade with countries like India and China has not been dented. In fact, India has increased its fuel supplies from Russia.

According to New York Times, Jim Mitchell, the head of oil research for the Americas at Refinitiv, said that Russia’s outgoing shipments in April had been buoyed by the global economic recovery from the pandemic, “and that they did not yet reflect the impact of sanctions and other restrictions on Russia issued after its invasion of Ukraine.”

India Narrative published several reports since the sanctions kicked in that the impact of the same will be limited.  

Also read: As inflation rises, India bans wheat exports

Don't blame us for the global food security crisis, Russia tells world