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Russia’s Import Ban Fuels Food Price Inflation, Recession Concerns

Despite assurances from top government officials that Russia’s recent import ban on certain agricultural products will not result in food price inflation, consumers in some regions of the country are already seeing sharp price increases. A more detailed report on this situation is available from The St. Petersburg Times.

Reuters also issued recent news reports regarding Russia’s plans to increase support for farmers and livestock producers and growing concerns that Russia’s economy is heading for recession.

With Russia in need of alternative protein sources, its Veterinary and Phytosanitary Surveillance Service (VPSS) recently approved pork imports from two pork processing facilities in China. This week the agency’s website indicated that five more Chinese plants are being considered for approval, with VPSS officials scheduled to visit these facilities in October.