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Russian Grain Still Flows to Top Customers Despite War Inflating Costs

  • New deals come mainly from Egypt, Turkey and Iran, IKAR says
  • Shipments may slow due to stronger ruble, export taxes

Seven weeks after its invasion of Ukraine, Russia is still exporting grain to some of its biggest customers, even as shipping costs soar. 

The main buyers remain Egypt, Turkey and Iran, said Dmitry Rylko, general director of the Moscow-based Institute for Agricultural Market Studies. The resilience of grain exports, despite sanctions and moves by some traders to shun Russian commodities, is pushing some market observers to raise their estimates for shipments this season.