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Russia Bans Grain Exports From Aug. 15 on Drought

Russia, the world’s third-biggest grower of wheat, banned grain exports from Aug. 15 to Dec. 31 as the country’s worst drought in half a century cuts yields.

Prime Minister Vladimir Putin said today that the ban is “appropriate” to contain domestic prices that gained 19 percent last week, after drought and record heat in central Russia and along the Volga River forced the government to declare a state of emergency in 28 crop-producing regions. He proposed that Kazakhstan and Belarus, Russia’s partners in a customs union, join the ban.