China has relaxed restrictions on imports of Russian wheat, a move that could address food security concerns in the world's second largest economy and ease the impact of Western sanctions on Russia
The decision to allow imports of wheat from all regions of Russia was made during Russian President Vladimir Putin's visit to Beijing earlier this month, but the details were only announced by China's customs administration this week. Russia is the world's top producer of wheat.
Food security is a key priority for Chinese President Xi Jinping, who has called for increasing agricultural production and diversifying imports.The agreement also provides Russia with a secure buyer at a time when exports to other countries might be complicated by financial sanctions or other disruption. "Uncertainty around potential sanctions is beginning to create a potential supply shock," analysts from Goldman Sachs wrote Thursday in a research report.
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