According to a report published by Reuters and viewed by Sky News Arabia, it seeks Russia To establish a grain exchange as part of a broader plan to launch new financial instruments, separate its trade from the dollar, and help Moscow avoid Western sanctions.
The president said Vladimir Putin During the summit, the BRICS countries, which are among the largest producers of grains, legumes and oilseeds in the world, could establish this exchange and later expand it to include trade in other major commodities.
The leaders agreed BRICS groupwhich includes Brazil, Russia, India andChina And South Africa, on the plan to establish a stock exchange.
Edward Zernin, head of the Grain Exporters Union, whose members export 80 percent of Russian grain, said that based on the experience of establishing the New Development Bank of the BRICS group, launching the joint stock exchange will require years of preparatory work.
He pointed out that the proposed new stock exchange must have international status to protect it from possible Western sanctions.
He added: “The main stage of the process has been completed, and the initiative to establish the stock exchange has been approved at the level of country leaders Brix“.
Russia, the world’s largest wheat exporter, has been seeking for years to develop its own mechanisms for pricing basic commodities to confront the dominance of Western stock exchanges, especially after the decline in global grain prices this year.
