13 July 1999
Russian threat to sugar prices
SUGAR prices are set to tumble following the departure of Russia from the world market, reports the Financial Times.
Analysts have attributed the recent rise in sugar prices to an increase in Russian sugar imports but from 1 August, Moscow will introduce a 46% tariff on foreign raw sugar against 5% now.
It is feared that the tariffs, which will run until December, will virtually close the Russian market with adverse affects for Brazil which is the worlds largest sugar producer.
- Financial Times 13/07/99 page 38