Putin advocates creating BRICS grain exchange at summit in Kazan – media

At the BRICS summit in Kazan, Russian leader Vladimir Putin has called for the creation of a BRICS grain exchange and suggested that it could be transformed into a full-fledged commodity exchange.

Source: The Moscow Times

Details: The idea of a grain exchange, which could enable grain to be traded without using the US dollar, was first put forward by the Union of Grain Exporters at the end of 2023 and later gained Putin's support.

Quote from Putin: "A number of BRICS states are among the world’s largest producers of grains, legumes and oilseeds. In this regard, a proposal has been put forward to open a BRICS grain exchange in order to help establish fair and predictable price indicators for food products and raw materials, given its significant role in ensuring food security."

Putin 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 transforming 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 working towards this goal.

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