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According to Reuters, Russia, the world’s largest producer of sunflower oil, is aiming to boost exports of this commodity to India. This move comes as Ukraine’s supply increasingly shifts toward Europe.
Russia’s national agricultural export agency, Agroexport, suggests that the 2025/26 season could mark a significant milestone in strengthening Russia’s position in the Indian market. This development occurs as India, the world’s largest importer of edible oils, seeks alternative supply sources amid a 50% tariff imposed by the U.S. on Indian goods.
A Russian delegation led by Deputy Prime Minister Dmitry Patrushev attended the World Food India exhibition in late September. During the event, Patrushev met with Indian Prime Minister Narendra Modi to enhance bilateral agricultural trade cooperation.
Dmitry Rylko, Director of the IKAR consulting firm, predicts that Russia will export a record 5 million tons of sunflower oil in the 2025/26 season. India alone accounts for approximately one-third of Russia’s total sunflower oil exports, maintaining its position as the largest customer.
Russia is currently harvesting its largest-ever sunflower crop, as many farmers have shifted from wheat cultivation to this more profitable crop.
India primarily imports soybean oil and sunflower oil from key sources including Argentina, Brazil, Russia, and Ukraine. An Indian government official told Reuters that the country is “prepared to increase sunflower oil imports from Russia,” with purchases to be conducted by private enterprises.
Mikhail Maltsev, Chairman of the Russian Union of Oil and Fat, stated that Russia’s vegetable oil production, including soybean and rapeseed oil, is expected to rise by 7.5% this year, exceeding 10.5 million tons. Russian vegetable oil exports are also projected to reach a new record.
In addition to sunflower oil, Russia plans to increase exports of grains and pulses to India. In 2024, Russia exported approximately 800,000 tons of peas to India, becoming the second-largest supplier.
During a recent meeting, Deputy Prime Minister Patrushev and Prime Minister Modi discussed the proposal to establish a BRICS grain exchange. This initiative, first introduced during Russia’s BRICS presidency, aims to reduce member countries’ reliance on international grain traders and establish fairer prices for agricultural products. However, the project has yet to make significant progress.
Source: Reuters
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