MOSCOW, Jul 14 (PRIME) -- Russian farmers can sustain up to 2.6 billion ruble losses in 2017 due to a cold summer, news daily Izvestiya reported on Friday, citing a statement by the National Association of Agricultural Insurers (NAAI).
“Most agricultural producers will face losses due to a bad harvest in 2017: the spring and the summer were exceptionally cold and rainy. The total amount of the loss can be up to 2.6 billion rubles,” the association said.
President of the union Kornei Bizhdov said that the total crop farms’ losses are estimated at 1.8–2.6 billion rubles, of which insured losses can amount to 600 million–1 billion rubles.
“In fact, the farmers who did not insure their financial risks will run losses and will undoubtedly ask the regional and federal budgets for direct payments,” Bizhdov said.
(60.1836 rubles – U.S. $1)
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