During the St. Petersburg International Economic Forum, to be held on June 18-21, the Russian Federation will launch formal consultations with the BRICS nations on setting up a grain exchange.
That’s according to the Foreign Intelligence Service of Ukraine (FISU), Ukrinform reports.
“The Kremlin is promoting the project as a tool to strengthen positions in the global agricultural market and circumvent Western sanctions. The goal is to strengthen its influence across the Global South. The Kremlin sees the new exchange as a step toward a broader commodity platform for oil, metals, and gas,” the agency’s press service reported on Facebook.
According to the FISU, Russian authorities imply that the new platform will allow for forming an “independent” price for grain within the BRICS, minimizing the influence of Western traders and the dollar, and switching to mutual settlements in national currencies.
“However, the initiative is unlikely to secure real support. China, Iran, Belarus, and India have so far refrained from active participation due to the risks of secondary sanctions and the threat of losing access to markets. Without their economic involvement, the project will remain declarative,” the agency believes.
As reported, on May 28, 2025, the FISU said wheat exports from Russia are on a steep decline.
Photo: facebook.com/SZRUkraine
Source: Russia seeks alternative agri platform within BRICS - Ukraine’s intel
