Russia bans export of sunflower seeds through August, imposes quota on sunflower oil

Russia says it will ban exports of sunflower seeds from Friday through the end of August and impose an export quota on sunflower oil in an effort to avoid shortages and ease pressure on prices in Russia.

The announcement came via the Russian agriculture ministry on Thursday. 

"With sharp growth in global prices for sunflower oil and oilseeds, there is currently increased demand for the Russian product," said the agency. Last week, the agency advised setting quotas in order to "maintain the stability" of domestic supply and safeguard its food market as the impact of Western sanctions continues to grip the country.

"This set of measures will eliminate the possibility of shortages, as well as sharp increases in the cost of raw materials and socially important products in Russia," added the agency.

Russia, along with Ukraine, is the world's largest producer of sunflower oil. India is, at present, one of the product's largest consumers. Crude sunflower oil from Russia is currently selling at a record price of $2,150 per metric tonne.