New American sanctions paralyze the Russian fruit and vegetable market: prices are rising, suppliers are in a panic
After the US imposed new sanctions against the Moscow Stock Exchange and key financial institutions, Russians faced unexpected difficulties in the fruit and vegetable market. EastFruit analysts report a temporary paralysis of trade and a rapid increase in prices for these products.
Sanctions deprived Russia of its main tool for regulating the exchange rate, which led to panic in the market and the suspension of trading in dollars and euros. This has complicated foreign trade operations, especially with the import of fruits and vegetables, on which Russia spends billions of dollars annually.
Suppliers from Turkey, Ecuador, Egypt and other countries found themselves in a difficult position, not knowing how to now make payments for their products. They are in no hurry to sign new contracts, which creates a risk of shortages in the Russian market.
The situation is complicated by the fact that fruit and vegetable products spoil quickly, and suppliers cannot wait long. Finding an alternative to the huge Russian market is also not easy.
Importers are forced to take into account new currency risks and increased transaction costs, which inevitably leads to higher prices for fruits and vegetables for Russian consumers.
EastFruit experts warn that Russians should prepare for further price increases for imported fruit and vegetables as sanctions continue to affect the Russian economy and trade relations.
