China lifts restrictions on Russian wheat imports
Restrictions on imports of Russian wheat have been relaxed in China to address food security concerns and could ease the impact of Western sanctions on Russia’s economy. The decision was made earlier this month during President Putin’s visit to Beijing and the announcement was made this week. This agreement is the latest in many deals between the two countries that help both nations.
Global food prices are near 10-year highs. After Russia’s attack on Ukraine on Thursday, wheat futures jumped 5% and futures are ending the week up 12% this week. Chinese President Xi Jinping is making food security a top priority and has called for increased agriculture and diversification of imports. Analysts expect Russian raw materials and commodities to be redirected to China if there are further sanctions imposed on Russia due to the global tensions surrounding Russia’s attack on Ukraine.