Russia faces rising sugar prices, shortages as traders divert shipments

By Maytaal Angel LONDON (Reuters) – Commodity traders have started diverting sugar shipments away from Russia, according to industry sources and shipping data, a move set to further boost soaring domestic prices and ratchet up pressure on the Russian government to cool food inflation. Russia needed sugar imports this year after two successive shortfalls in the beet crop, and disruption to shipments will result in shortfalls as the country battles panic buying of sugar and other staples, industry experts said. Sugar is widely used in Russia, including for fruit preservation and making vodka. Ma…

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