On Friday, Prime Minister Vladimir Putin met head of the anti-monopoly agency Igor Artemyev, urging him to quickly punish those who attempt to take advantage of the situation and drive food prices up.

"They'd better act in accordance with the law, or they will face fines that would far exceed the profits they would win from speculation," Putin said.

First Deputy Prime Minister Viktor Zubkov said Russia will keep its grain export embargo unchanged.

The ban, which will be in effect from Aug. 15 to Dec. 31, aims to maintain domestic prices and ensure enough feed grain for the country's cattle herds.

Abnormal drought, which was caused by heat uNPRecedented in Russia's 130 years of record-keeping, has destroyed 30 percent of the country's crops.

Zubkov said it is necessary to start a "normal marketing process" in the country, which means shipping grain from regions with abundant stocks to regions that have suffered from the drought, including Moscow and St. Petersburg.

U.S. President Barack Obama called Russian President Dmitry Medvedev to express his condolences for the losses Russia has suffered because of recent wildfires.
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