Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: P.T.Burnem who wrote (565)	8/28/1998 3:40:00 PM
From: P.T.Burnem	Read Replies (1) of 1301

(AP) Russia's government estimates the country imports 33 to 35 percent of its food and some 60 percent of its medicines. The ruble's plunge this week has interrupted deliveries. ... "The importation has almost stopped," said Manfred Hollstein, president of Swedish-Americian drugs group Pharmacia & Upjohn Inc in Moscow. "The banking system is not working, that means no bank transfers, no payments, no guarantees." .... Russia is no longer dependent on the vast grain imports it required in the 1970s, primarily because most of the livestock herds that the grain once fed have already been slaughtered and the domestic meat industry largely replaced with imports. But Russia needs some $14 billion worth of food imports each year for such things as vegetable oil, sugar, dairy products and meat.

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