On July 6, 2024, the Russian Federation government issued a decree to extend the temporary ban on rice exports until December 31, 2024. This measure aims to maintain stability in the domestic food market, ensure sufficient domestic supply, and prevent sharp fluctuations in food prices. Russia is a major global rice producer and exporter, and recent fluctuations in domestic and international rice markets have significantly influenced its policy decisions.

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:

• Exports to member states of the Eurasian Economic Union (e.g., Belarus, Kazakhstan).
• Exports to Abkhazia and South Ossetia.
• Exports and transshipments for humanitarian aid purposes.

The decree took effect on July 6, 2024, and will remain in force 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.