Exporters began to terminate contracts with Russia due to the collapse of the ruble: details
29 November 2024 20:03
Exporters of fruits and vegetables from Turkey, Egypt and Iran are suspending supplies to Russia due to the devaluation of the Russian ruble and currency risks. This was reported by "Komersant Ukrainian" with reference to EastFruit.
The media outlet writes that Russia is currently experiencing an increase in inflation, which has reached 7.4%, and economists predict that it could reach 40-60% in 2024. For comparison, Russia last experienced such high inflation rates in the 1990s. This period was marked by significant economic turmoil following the collapse of the Soviet Union. However, at that time, oil and gas prices, key sources of revenue for the Russian budget, were much lower than they are today.
Prices for vegetables, potatoes, and fruits have also increased significantly. Potato prices have risen by 350% since December last year, mainly due to unfavorable weather conditions and reduced planted areas. Prices for products such as cucumbers have almost tripled over the year, with the average wholesale price now 2.8 times higher than last year.
Currently, producers are forced to cancel contracts for the supply of fruit to Russia due to currency risks. The situation may worsen as demand increases ahead of the holidays and imports of expensive greenhouse vegetables increase.
