Report: Official: Producers to restrain sugar prices beyond Tue

MOSCOW, May 31 (PRIME) -- Russian producers will continue to restrain prices for sugar after the price stabilization agreement expires on Tuesday, First Deputy Prime Minister Andrei Belousov said in an interview with RBC television channel on Monday.

“There is no doubt that (the price stabilization agreements) have succeeded. There is a problem of a way out of the situation, which is personal for each industry. Now we are leaving the sugar price agreement, but as far as I understand, the companies plan to restrain the prices in the foreseeable future, because they understand the consequences,” he said.

“There will also be sugar interventions… There is no sugar on the global market, just no sugar,” he added.

The Russian government uses a mechanism of product interventions to stabilize prices and support local farmers.

In December 2020, the government signed agreements, fixing prices for sugar and sunflower seed oil.

(73.5870 rubles – U.S. $1)

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