Russia has decreased wheat prices in order not to lose its Turkish market, which is its largest market, exporting 4.7 million tons of wheat. The Russian government will implement sanctions on Turkish imports beginning on Jan. 1; however, the government will also work to ensure that Russian exporters maintain their shares in the Turkish market.
On Nov. 24, Turkey downed a Russian Su-24 jet that had violated its airspace and now, despite the political tensions between Ankara and Moscow, the Russian government has lowered wheat prices in order not to lose its Turkish market base, despite expectations that Russia will apply further limitations on Russian exports to Turkey.
The President of SovEcon Agricultural Research Company, Andrey Sizov, noted that even though Russian exporters were hesitant in early December as a result of the jet tensions, the agreement on wheat exports indicates that trade relations are back on track. The price of exporting one ton of wheat across the Black Sea had decreased from $215 to $200. Russia's share in Turkey's wheat imports equals 80 percent.The Russian government also approved the requests of 53 companies to continue employing Turkish workers in Russia, while Turks remain banned from working in all other companies.
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