Russia needs imports from the UAE and Turkiye to cool down prices

Russia has stepped up its own imports from the United Arab Emirates (UAE) and Turkiye, hoping that this will stabilise its market and relieve consumers’ concerns, Reuters report.

According to the report, the price of butter in Russia has increased 25.7 per cent since December 2023 due to increased milk, labour, fuel and transportation costs, the country’s statistics agency says.

This explosion has been met with widespread consumer frustration and even small-scale thefts of butter in supermarkets, the report added.

The UAE began exporting butter to Russia in October. The country sent about 90 metric tons of it as the country’s first exports to Russia, report added.

In October, Turkiye also started deliveries, a third initiative to increase supply to the country.

According to DW’s report, to combat these issues, Russia will be offering a six-month duty-free import tariff on butter.

In Russia, consumer prices are rising despite Putin’s statement that Russia’s economy wouldn’t have to trade “guns for butter.” The nation’s statistics agency said butter prices rose 25% this year. pic.twitter.com/pl2nlx9urp

— DW News (@dwnews) November 4, 2024

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