The move will shift the focus of grain exports abruptly, as Russia is one of the world's largest wheat producers, The New York Times reported Thursday.
Wheat prices on the Chicago Board of Trade have risen in recent weeks and spiked higher Wednesday with the announcement.
Prime Minister Vladimir Putin called the export ban necessary "to prevent a rise in domestic food prices … to preserve the number of cattle and build up reserves for next year."
"As the saying goes, reserves don't make your pocket heavy," Putin said.
Chief Executive Officer of Valars Group, a Russian exporter, said, "This will be catastrophic for farmers and exporters alike."
RIA Novosti said Russia also would send requests to Belarus and Kazakhstan to suspend grain exports, as well.
Putin said the Russian export ban would begin Aug. 15 and last at least until Dec. 31.
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