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Iran signs 20 million tons of food deal amid stock crisis

Iranians shop for groceries at a hypermarket inside the Grand Bazaar (Iran Mall) in the western part of the capital Tehran, on June 20, 2021. - Iran's ultraconservatives hailed the election victory of their candidate Ebrahim Raisi, after Washington charged the vote was unfair and Tehran's arch-foe Israel labelled him the "most extremist" president yet. Raisi, 60, won this week's election in which more than half the voters stayed away after many political heavyweights had been barred from running and as an economic crisis driven by US sanctions has battered the country. (Photo by MORTEZA NIKOUBAZL / AFP) (Photo by MORTEZA NIKOUBAZL/AFP via Getty Images)
Iranians shop for groceries at a hypermarket inside the Grand Bazaar (Iran Mall) in the western part of the capital Tehran, on June 20, 2021 [MORTEZA NIKOUBAZL/AFP via Getty Images]

Iran has reportedly signed a deal with Russia to import 20 million tons of basic goods, including vegetable oil, wheat, barley and corn, Iranian NourNews reports.

According to the report, Iran's Agriculture Minister, Javad Sadatinejad, signed the food agreement with Russia during a visit to Russia last week.

The deal is to address concerns about shortages of basic goods and livestock feed in the next Iranian year, starting on 21 March.

According to a report by ISNA, Iran imported about $19 billion worth of basic goods in the past 12 months, with nearly $15 billion subsidised with cheap dollars provided to importers.

Report: Iran sent Israel images, maps of Israeli nuclear weapons stores

American think tank, Council on Foreign Relations (CFR), report says the war in Ukraine is threatening the region's access to much-needed supplies, but certain countries are more vulnerable than others to food shortages and unrest.

CFR experts warn that countries suffering from deep instability in the region, such as Lebanon, Libya, Syria and Yemen, will struggle to respond effectively due to Ukraine war.

The report also says the governments in the Middle East region try to eliminate the risk of food-related unrest, lately witnessed during Arab Spring in 2010.

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Europe & RussiaIranMiddle EastNewsRussiaUkraine
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