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Russia has no plans to restrict exports

09/11/2012 @ 10:21am

The Russian government is still sticking to its official forecast for this year's grain harvest, and has no plans to introduce export restrictions, Deputy Prime Minister Arkady Dvorkovich said Tuesday.

Mr. Dvorkovich told journalists that the government will use the state intervention board where necessary to stabilize domestic prices, but said it is still confident that the country will generate an export surplus of between 10 million and 14 million metric tons.

"We will discuss it again next week," Mr. Dvorkovich said, "but we will be careful not to disrupt markets."

World grain prices have soared in recent months in response to droughts in both the U.S. and Russia, two of the world's most important grain exporters.

Mr. Dvorkovich said he expected inflation in Russia to be somewhat higher than previously thought as a result of the increase in prices. However, he said he didn't expect the central bank to be unduly concerned about the development.

Write to Geoffrey T. Smith at geoffrey.smith@dowjones.com

(END) Dow Jones Newswires

September 11, 2012 11:14 ET (15:14 GMT)

DJ Russias Dvorkovich: Government Sticking to Official Grain Harvest Forecast->copyright

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