Kyrgyzstan, like its Central Asian neighbor Kazakhstan, has banned sugar exports for six months, the government announced on Wednesday, citing food security and price concerns.
Sugar prices in both former Soviet countries skyrocketed in the weeks following the start of Russia’s military campaign in Ukraine, after Moscow banned exports amid domestic panic-buying.
Prices in Central Asian markets later stabilized but Kazakhstan last month imposed bans on sugar exports for six months amid reports of local shortages, especially in northern regions bordering Russia.
Kyrgyzstan imposed an identical ban “in order to exclude the possibility of mass export of sugar from the Kyrgyz Republic, ensure the country’s food security and contain prices in the sugar market”, the cabinet said in a statement on Wednesday.
Read More: Kyrgyzstan climbers remove Ukraine flag from ‘Peak Putin’
Kyrgyz media reports have said sugar was being exported from Kyrgyzstan to Kazakhstan in large amounts after Kazakhstan’s ban entered into force in May.
Both countries are net importers of sugar that traditionally look to Russia and other countries to satisfy demand.
The decision by Russian President Vladimir Putin to send troops to Ukraine has roiled food markets, prompting a number of countries to impose limits or outright bans on food exports in order to contain inflation.
Last month, India, the world’s second largest sugar exporter, imposed limits on sugar exports to other countries.
Read More: Kyrgyzstan says 3 killed after Uzbek forces
For the latest Business News Follow BOL News on Google News. Read more on Latest Business News on oldsite.bolnews.com