Russia extends restrictions on sugar exports under export agreements for new season

MOSCOW. June 28 (Interfax) - Russia's Agriculture Ministry has allowed the export of only 1 tonne of sugar under export agreements in the new agricultural year for sugar, which runs from August 1, 2023 to July 31, 2024, a ministry order registered by the Justice Ministry on Tuesday and posted on the legal information website showed.

The ministry has essentially extended rules that have been in effect since August 1, 2021.

The Russian government passed a resolution in April 2020 to allow sugar producers to enter into export agreements. The resolution, which was drafted by the Federal Antimonopoly Service, allows agreements to be signed between sugar producers and/or traders for exports outside the Eurasian Economic Union. The agreements are recognized as legitimate if mandatory conditions for ensuring competition are met.

Sugar market analysts said the decision essentially bans sugar exports under export agreements in the new agricultural year. However, companies can still export sugar individually.