Russia Moves to Import Butter from UAE and Turkey Amid Price Surge

Russia starts importing butter from the UAE and Turkey to counter significant price hikes that have troubled consumers. The move comes after a 25.7% increase in butter prices since last December, prompting thefts in supermarkets. Imports from Latin America fell due to sanctions.

Russia has turned to the United Arab Emirates and Turkey for butter imports, aiming to alleviate escalating prices that have caused concern among consumers. The deliveries from the UAE began as of October 18, marking the first such transactions between the two nations.

The cost of butter blocks has surged by 25.7% since December of last year, a substantial rise compared to the inflation rate of 8.6%, leading to incidents of butter thefts at several supermarkets. The UAE's contribution to Russia so far stands at 90 metric tons while Turkey also commenced exports in October.

This initiative is part of Russia's broader strategy to normalize butter prices and maintain sufficient supply within the domestic market. Import figures from Latin America decreased from 25,000 tons in 2014 to 2,800 tons this year, with Western sanctions cited as a key reason for the decline in arrivals.

(With inputs from agencies.)