Putin supports the initiative to create a grain exchange within BRICS

By Rhod Mackenzie

On March 5, during a meeting with representatives of the agro-industrial complex in the Stavropol Territory, Russian President Vladimir Putin endorsed the proposal to establish a grain exchange under the BRICS framework.
He noted that stock speculation affects prices, which in turn affects consumers. He acknowledged that this is unfair and affects pricing.

He also mentioned that stock indices are formed in the States or Europe, including Paris, despite the fact that the French produce less grain than his country. He acknowledged that this is unfair and affects pricing. The Russian leader praised the idea, stating that some

BRICS countries that both produce and purchase grains may find it appealing.

However, he cautioned that such ventures can be speculative in nature and ultimately impact consumers, posing a potential problem. All governments are attempting to address these issues. We will certainly collaborate with our partners on this, as per your recommendation,” the president concluded.
Earlier that day, Putin stated that the agro-industrial complex (AIC) is virtually self-sufficient. The President highlighted that despite the challenges, agricultural products are exported to 150 countries worldwide. Additionally, he praised the high quality of Russian food products, which is driving their export growth.
Earlier that day, Putin arrived in the Stavropol Territory to consider issues of agricultural development in the region. Additionally, he will hold a meeting with the head of the region, Vladimir Vladimirov.

It is worth noting that BRICS is composed of ten countries: Russia, Brazil, India, China, South Africa, Egypt, Iran, United Arab Emirates (UAE), Saudi Arabia and Ethiopia.