Russia counts the cost of drought

27 August 2010 Last updated at 11:22 ET Help

Global wheat prices have skyrocketed after the worst drought on record resulted in Russia banning all wheat exports from 15 August.

Its annual wheat harvest is now expected to come in at least 40% lower than expected after a prolonged heat wave decimated fields.

The Republic of Tatarstan is a major agricultural centre and among the worst hit regions.

The drought could not come at a worse time for Russia, whose ambition is to become the world's top wheat exporter.

Emma Simpson assesses the damage.

You can see more on this story and Russian business on Russia Business Report with Emma Simpson on BBC World News at these times:

Saturday, 28 August at 0430 GMT, 1730 GMT

Sunday, 29 August at 1030 GMT, 2330 GMT

Russia Business Report

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