“The decision of Prime Minister Vladimir Putin on the sales of grain from the intervention fund on the commodity market, which is part of the government’s support for the agricultural industry, will encourage trade on the domestic grain market and will create additional amounts of grain for consumers,” said First Deputy Prime Minister Viktor Zubkov

According to First Deputy Prime Minister Viktor Zubkov, weekly sales of grain from the intervention fund – of up to 500,000 tonnes a month – will establish price guidelines on the grain market. Also, the exchange process will carry the same weight as the regional grain allotment programme under government regulations.

Mr Zubkov said the Ministry of Agriculture has been instructed to submit a draft of exchange trading regulations to the government before January 15, 2011.

He added that for the purposes of inflation risk management on the food market, the Ministry of Agriculture has been requested to provide proposals on reducing import customs duties on certain food products to the subcommission on customs tariff and non-tariff regulation and protectionist measures in foreign trade by February 1, 2011.