Egypt hopes Russia will honour wheat contracts
The vice-chairman of Egypt’s main state wheat buyer said on Thursday he
hoped Russia would honour existing wheat contracts after Moscow said it
was temporarily banning grain exports. Egypt is the world’s largest
wheat importer, and General Authority for Supply Commodities has signed
contracts for the purchase of 540,000 tonnes of wheat from Russia for
delivery between August 1 and September 10. Russian Prime Minister
Vladimir Putin, who announced the ban earlier on Thursday, is seeking
to keep inflation in check after the worst heatwave on record ravaged
crops. “If a decision is issued and it is an official decision the
Russian government has to … allow (buyers) to implement the contracts
that have been completed, then ban any other contracts after August
15,” said Nomani Nomani, chairman of Egypt’s GASC.
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