BREAKING NEWS

Russian grain exporters resume trade with Turkey despite political tensions

By REUTERS

DECEMBER 24, 2015 16:21

MOSCOW - Russian grain exporters have resumed deals with Turkish buyers after a short break caused by a deterioration in relations between the two countries, traders and analysts said.

Russia, one of the world's largest wheat exporters, and Turkey, one of the biggest buyers of Russian wheat, have been locked in a dispute since Turkey shot down a Russian warplane near the Syrian-Turkish border in late November.

For several weeks after that, Russian and Turkish traders held back from signing new contracts, fearing Moscow could suspend grain exports to Turkey or Ankara could curb purchases, the traders and analysts said. But no such measures have been imposed and business has returned to normal, they added.

"Concerns over possible supply disruption to the Turkish market, which existed in late November, early December, have not materialized," said Andrey Sizov, managing director of SovEcon agriculture consultancy.

Referring to Turkish buyers, a Moscow-based grain trader said, "We have no problem, they are buying from us." Another Russian trader also said sales to Turkey had resumed, and that there had been no informal restrictions from Moscow so far.

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