24 April, 2005

Russia: Russian government may adopt a decision on purchasing interventions in the grain market

Russian government may adopt a decision on purchasing interventions in the grain market before May 1, ITAR-TASS News Agency cieted Agriculture Minister Alexei Gordeyev.

"We expect the Finance Ministry's approval for a draft government resolution on the transfer of six billion roubles to Rosselkhozbank for purchasing interventions," he said on April 20.

Earlier, the Agriculture Ministry said purchasing interventions would take place in March and April. Gordeyev explained the delay by the fact that the Finance Ministry "did not approve the draft government resolution" for a month.

The government resorts to purchasing interventions to buy excess grain from producers at acceptable prices in order to stabilise prices in the grain market. Part of this grain is then exported and part goes to state reserves.

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