On July 6,2024,the Russian Federation government issued a decree to extend the temporary ban on rice exports until December 31,2024.This move aims to maintain the stability of the domestic food market,ensure sufficient domestic supply,and prevent sharp fluctuations in food prices.Russia is an important rice producer and exporter globally,and recent fluctuations in both domestic and international rice markets have had a profound impact on its policy-making.

Details of the Decree

According to the decree issued by the Russian government,the extension of the rice export ban is intended to maintain stability in the domestic food market.The ban applies to all exports,with the following exceptions:

• ExportstomemberstatesoftheEurasianEconomicUnion(e.g.Belarus,Kazakhstan).
• ExportstoAbkhaziaandSouthOssetia.
• Exportsandtransshipmentsforhumanitarianaidpurposes.

The decree will come into effect on July 6,2024,and will remain in effect until December 31,2024.

As a major global rice exporter,Russias extension of the rice export ban will impact international markets.Global rice supply chains may experience fluctuations,particularly in countries and regions reliant on Russian rice imports,which may need to seek alternative sources,potentially affecting global rice prices.