Russia Increases Grain Exports to Iran Amid Sanctions
Russia plans to boost grain and vegetable oil exports to Iran through the Caspian Sea, aided by a larger harvest and lifted restrictions. Trade between the two nations grew by 16% last year despite sanctions. Russian traders see increased opportunities, with a record harvest expected in several key commodities.
In a bid to capitalize on a promising harvest and relaxed trading restrictions, Russia is set to ramp up its grain and vegetable oil exports to Iran via the Caspian Sea in the coming months. This decision follows a 16% growth in Russian-Iranian trade in the past year, despite Western-imposed sanctions.
Industry insiders indicate that expanding the supply of corn, barley, and sunflower oil to Iran is a strategic priority. Iran, a major consumer of Russian agricultural products, particularly wheat and barley, is expected to triple wheat imports and increase corn and barley intake, enhancing bilateral trade through the shared Caspian coastline.
Amid geopolitical tensions and Iranian harvest challenges, Russian traders anticipate favorable conditions for grain exports beginning July 1. The impending new marketing season presents opportunities for Russia, with discussions already underway to meet Iran's healthy demand for grains. This strategic export push is bolstered by a forecasted record sunflower seed harvest.
(With inputs from agencies.)
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