Russians appear to be resorting to currencies other than the rouble, and Russian have removed 34 billion dollars in capital from Russian banks last year. Poland sees many opportunities in Oman, the Gulf state has confidence in Polish produce. The Ukrainian apple import, especially from Poland and Moldova, has gone up sharply, these volumes are expected to end up in Russia through re-export. Russia stopped two shipments of Israeli bell peppers, all in all Russia has stopped four shipments from Israel already this year. No boycott is looming for Serbia, the Russian ambassador in Serbia says he is convinced of that. And the organic sector in Russia is growing, despite the boycott.
Russians opt for foreign currency
Following the significant devaluation of the rouble last year, the number of savings accounts in Russia in foreign currencies has increased from 19.4% to 35.7%. In the 1990s, the Russians went through a similar situation of sharp deflation. Banks, in financial trouble, offer interest rates up to 8%, but it's mainly Russian companies that seek refuge in dollars. Of all the capital from Russian companies, over 40% has been converted to dollars. In addition, it turns out that Russians diverted 34 billion dollars away from their Russian accounts, which doesn't just illustrate the lack of confidence in the rouble, but also in the banks. The Russian government guarantees a balance up to 700,000 roubles (11,000 Euro).
Poland and Oman talking about trade agreement
Last week, Ali Bin Masoud, minister of Commerce and Industry of Oman, visited Poland. During the visit, a trade agreement on agricultural produce was discussed. Bin Masoud was welcomed by Polish deputy prime minister Tadeusz Nalewajk and minister of Economic Affairs Janusz Piechociński.
The Polish deputy prime minister is pleased about the meeting and the opportunities for Polish export. According to him, Polish products adhere to the highest EU standard, and consumers in Oman will appreciate the products. His colleague from Oman says Polish products have a good reputation in Oman. To secure food supplies, the country is looking for partners on the Arabian peninsula that are able to export large volumes. Oman is interested in apples, dairy, meat, grains and other products from Poland.
Ukrainian apple import increased sharply
In the first half of the 2014/15 season, Ukrainian apple import increased sharply. While the import amounted to 2,500 tonnes in the same period last year, the amount was 15,000 tonnes this season. Moldova and Poland together account for 90% of the import, Fruit-Inform reports. According to analysts, a large part of the export is transported to Russia. Before October of last year, the apples were exported as Ukrainian produce, this later changed to apples from Crimea. The domestic consumption of imported apples has actually gone down due to the devaluation of the Ukrainian currency.
Russia stops Israeli bell peppers
The Russian phytosanitary service has stopped two shipments of bell peppers from Israel. According to the inspection, the shipments, of 2 and 5 tonnes, were infected with Californian trips. In the past months, Russian authorities have already stopped four shipments from Israel, 74 tonnes in total.
Ambassador Russia: no danger boycott Serbian fruit
Despite the accusations of Serbia exporting apples from Poland to Russia, the Russian ambassador in Serbia has full confidence that this won't result in a boycott. The countries have reportedly started using a new system earlier this month, with which scans of the reports and documents for every shipment can be sent to Russia. That way the Russian authorities know what products are en route and where they come from, even before the produce arrives in Russia. Serbia insists there is no question of violations, but that stricter checks and certifications will be introduced.
Russian organic sector grows thanks to boycott
The organic sector in Russia was strongly dependent on import before the boycott. Around 95% of products was imported, especially from Germany, Italy, France, US and Canada. With the borders closed, the Russian organic sector is growing. The total organic market in Russia has a value of around 135 million Euro. In the past three years, the organic sector has seen an impetuous 20% increase. Yet, demand still exceeds supply. Russian analysts expect that the organic segment can grow despite the boycott, because consumers who opted for imported products before, will now choose domestic organic products.