Georgian company seeks to replace Russian wheat imports as sanctions bite


Spread the love

Georgia’s Agro-Com is in talks to replace wheat imports from Russia, the director of the company said, Trend News Agency reported, citing Georgian media.

According to the director, the economic sanctions imposed on Russia led the company to kick-start negotiations with other wheat-exporting countries, such as Hungary, Romania, France, Germany, and others.

“The process of replacing wheat imports may take two to three weeks. However, Georgia still has a month of wheat supply,” the source said.

It was hard to diversify the imports because Russia’s wheat figures costs were Georgia’s price range. Although wheat prices may increase, it will not be a big blow to the market, the source noted.

Meanwhile, Georgia’s wheat imports from Russia in January 2022 amounted to 11,396 tons worth $3.5 million. However, wheat imports from Russia decreased year-on-year, both in value (by 22.2 percent, compared to $4.5 million) and volume (by 37.8 percent, compared to 18,349 tons) in January 2021.

Since Russia began its war on Ukraine last Thursday, it has been met by outrage from the international community, with the EU, UK, Canada, Japan, and the U.S. implementing a range of economic sanctions on Moscow.


Like it? Share with your friends!

0

Comments

comments