August 16, 2010 - 14:28 AMT
Ban on grain exports comes into effect in Russia

Russia has imposed a ban on grain exports until the end of the year, after a severe drought and a spate of wildfires devastated crops.

The measures are designed to keep domestic food prices under control.

According to governmental decree, signed by Prime Minister Vladimir Putin the ban will remain valid till December 31, 2010.

As Russian Ministry of Agriculture forecasts, this year's crop could be as low as 60 million tonnes against last year’s 97 million.