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The heat, unprecedented in 130 years of record-keeping, has cost Russia more than a third of its wheat crop and prompted the government to ban wheat exports through the end of the year
-- a move that has sent soaring world grain prices to new highs. Domestic grain prices in Russia also have been rising, and the export ban hasn't driven them down. Officials in Moscow have registered a 10-percent price hike in the retail prices for bread in late July and early August. Prime Minister Vladimir Putin met Friday with the head of the nation's anti-monopoly agency, Igor Artemyev, and urged him to quickly punish those who try to drive prices up. "They better act in accordance with the law, or they would face fines which would far exceed profits they are to win from speculation," Putin said. Artemyev said that the companies that engage in "unjustified" price hikes could face fines of up to 15 percent of their total sales volume on annual basis.
[Associated
Press;
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