Russia will help US cattle farmers with loans to offset losses from crop damage and drought in the US, Russian agriculture minister Alexander Novak said.
Mr Novak was speaking after the US Agriculture Department announced it would issue a loan to Russian producers to help offset losses, which it said were affecting about a third of US beef exports.
The USDA said the loan will be issued at a time when US producers were struggling with a severe drought and a drought-related crop failure.
Russia’s agriculture ministry said on Friday it had approved a loan of US$6 million for Russian farmers to help them cope with crop damage caused by the drought.
Russia is also planning to offer a loan for US beef producers, the Agriculture Ministry said.
It said the agreement would be announced later this month.
The drought is the third worst in the United States in the past five years.
The Agriculture Department said the US had lost more than 1.5m cattle to crop damage since the start of this year.
The worst affected US producers are producers of beef, pork, pork products and poultry.