Russia's BRICS Grain Exchange Plan Hits Roadblock

Russia's initiative to create a BRICS grain exchange has hit a snag, with Kremlin spokesman Dmitry Peskov admitting there has been no progress so far. The idea was first proposed in 2024 and later backed by the BRICS Kazan Declaration.

The project aimed to establish independent grain price benchmarks within BRICS countries, reducing reliance on Western commodity exchanges. It also sought to facilitate direct transactions between major grain producers and buyers within the bloc.

Russian Agriculture Minister Oksana Lut said Moscow continues to discuss the project with the UAE, but it has yet to move beyond the concept stage. The potential market is substantial, with BRICS countries accounting for around 44% of global grain production and nearly a quarter of global grain exports.