Putin calls for opening BRICS grain exchange at summit in Kazan – media
Pravda Ukraine
Vladimir Putin has called for the creation of a BRICS grain exchange at the BRICS summit in Kazan and suggested considering its transformation into a full-fledged commodity exchange.
Source: The Moscow Times
Details: The idea of a grain exchange, which could enable trading grain without using the US dollar, was first proposed by the Union of Grain Exporters at the end of 2023 and later received Putin’s support.
Quote: “A number of BRICS states are among the largest global producers of grains, legumes, and oilseeds. In this regard, the proposal to open a BRICS grain exchange has been put forward to help establish fair and predictable price indicators for food products and raw materials, considering its significant role in ensuring food security,” said Putin.
He further noted that implementing this initiative would help protect national markets from negative external interference, speculation and attempts to create artificial food shortages.
“In the future, it would be worth considering the transformation of the grain exchange into a full-fledged commodity exchange,” he added.
Background: BRICS countries have supported Russia’s initiative to create a grain exchange within the bloc and have begun work towards this goal.
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