Russia has started work on the creation of a BRICS grain exchange

Russia has started work on the creation of a BRICS grain exchange. This was announced by the Minister of Agriculture Oksana Lut at the plenary session of the III International Forum "Global Grain and Pulses Forum 2025".

"45% of grain consumption and production falls on the BRICS countries. The main producer and consumer countries are in the BRICS. <...> Separately, I would like to note that we have started working on the initiative of the President of the Russian Federation[Vladimir Putin], which was voiced at the BRICS summit in Kazan on the creation of grain infrastructures," the minister said.

According to her, the BRICS grain exchange is necessary for food settlements, as well as to ensure transparency of pricing.

Luth also noted that food is not a sanctioned commodity and there should not be any difficulties in settlements, but nevertheless they arise.

"We hope that when such an exchange is launched <...> the turnover will be substantial and the volumes will be from $100 billion," the minister summarized.

In November 2024, Luth said that Russia is the world's third-largest food supplier in terms of the volume of products sold. She noted that Russia has always been a "grain country," and now, thanks to technological advances, it can produce even more food products.