Kyrgyzstan follows Kazakhstan with six-month sugar export ban

Kyrgyzstan follows Kazakhstan with six-month sugar export ban

Kyrgyzstan follows Kazakhstan with six-month sugar export ban

Kyrgyzstan follows Kazakhstan with six-month sugar export ban

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Kyrgyzstan has joined Central Asian neighbor Kazakhstan in barring sugar exports for six months, citing food security and price concerns, according to the administration.

Both former Soviet countries saw sharp spikes in the cost of sugar 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.

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.

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Both countries are net importers of sugar that traditionally look to Russia and other countries to satisfy demand.

Russian President Vladimir Putin’s decision to send troops to Ukraine has roiled food markets and caused a number of countries to impose limits or outright bans on food exports to peg back inflation.

Last month, India, the world’s second largest sugar exporter, put export restrictions on sugar.

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