Source: Oleoscope (Russia)
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 Global Grain and Pulses Forum 2025.
“45% of grain consumption and production falls on the BRICS countries, the main producing and consuming 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, which was voiced at the BRICS summit in Kazan to create grain infrastructure,” the minister said.
Luth also noted that the BRICS grain exchange is necessary for food settlements as well as for ensuring transparency in pricing. “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.
According to the Union of Grain Exporters and Producers, the volume of trading in agricultural and related products on this exchange in the future may exceed $1 trillion. According to the Union’s calculations, grain production in the BRICS countries (including those who joined) is 1.24 billion tons per year (44% of the world), consumption is as close to production as possible – 1.23 billion tons (also 44%).