Ruble Collapse Triggers Russian Fruit Import Crisis
Russia’s escalating inflation, reaching 7.4% year-to-date, is causing a ruble devaluation and impacting food prices dramatically; potato prices are up 350% since December. This has led to numerous cancelled fruit and vegetable import contracts from Turkey, Egypt, and Iran, as exporters demand price adjustments to offset currency risks. The Central Bank’s attempts to control inflation through interest rate hikes have proven largely ineffective, further jeopardizing the Russian economy. The combination of inflation and currency instability represents a critical economic challenge.
John Q. Hosedrinker 
Matt Underwood