Iran signs 20 million tons of food deal amid stock crisis

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.

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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.