Nogger's Blog

29/05/11 -- Russian PM Vladimir Putin has announced on national TV (and on his own personal website - note the lack of "Buy Vlad A Vodka" button) that the country's grain export ban WILL end when the existing deadline runs out at the end of June.

A statement on Putin's personal website quotes First Deputy Prime Minister Viktor Zubkov as saying: "The aim of the August 2010 export ban was to keep the Russian domestic market well supplied with grain in order to prevent sharp price rises for both agricultural producers and consumers. This applies both to feed grain and bread grain. I must say the government measures were effective. We have stabilised the market. Moreover, large amounts of grain from the south of Russia could begin to be exported from July 1. The current price of Russian grain is 5,200* to 5,400 roubles per tonne, which is 50% lower than world prices. I suggest lifting the embargo from July 1, as there is enough grain on the market, winter crops are in a good state and the spring sowing campaign is progressing at a good pace."

You can read the full transcript here: I'm not Putin it off any longer

A coincidence it isn't that the announcement comes just a couple of days after Ukraine also lifted it's own export ban.

It will be interesting to see how the markets react after their long weekend break with the news that a fully restocked Matalan and Primark are about to re-open. London and America are closed Monday, but I think that Paris is open to give us an initial taster...

*5,200 roubles is around GBP112 incidentally.