Russia to Work With BRICS Countries on Settlements in Local Currencies, Creation of Grain Exchange

© Sputnik . Vladimir Astapkovich / Go to the mediabankRussian Minister of Agriculture Oksana Lut (center) and members of delegations during the meeting of the BRICS ministers of agriculture in Moscow.
Russian Minister of Agriculture Oksana Lut (center) and members of delegations during the meeting of the BRICS ministers of agriculture in Moscow. - Sputnik Africa, 1920, 28.06.2024
The 14th meeting of the BRICS ministers of agriculture took place in Moscow on Friday. During the event, chaired by the head of the Russian Ministry of Agriculture, Oksana Lut, the participants discussed the development of sustainable agriculture, issues related to global food security, and other topics.
The Russian Ministry of Agriculture will work with BRICS members on the possibility of making payments in the national currencies of the bloc's countries, as well as the creation and development of a grain exchange, the head of the department, Oksana Lut, told reporters.

"We are grateful to all BRICS member countries, representatives of the ministries of agriculture for their support of the Russian initiative to create a BRICS grain exchange. And now, in accordance with the instructions of Russian President Vladimir Putin, we will work together with our colleagues on the creation and development of this platform and the development of the possibility of settlements in national currencies of the BRICS countries," she said.

The minister also emphasized that, in total, the BRICS countries now account for about 30% of all arable land in the world; they collectively produce about 40% of grain crops and 50% of fish and dairy products worldwide.
“In fact, the BRICS countries are key players for ensuring global food security,” Lut underscored.
corn grain - Sputnik Africa, 1920, 23.05.2024
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Speaking about agricultural production, the official noted that the Ministry of Agriculture expects a record for the export of wheat, as well as sunflower and soybean oil, at the end of the current agricultural season.
“[This] will confirm our leadership in the world market. For the first time in history, we will take first place in the supply of barley and peas. We also count on record volumes of exports of sunflower and soybean oil,” Lut said following the meeting.
The minister also dwelled in more detail on the export of Russian agricultural products to the BRICS countries. By the end of 2024, it could grow by about 6% and exceed $16 billion.
“As for BRICS, this is, of course, one of the priority markets for Russia. Last year, the union accounted for more than a third of Russian exports of agricultural products — that’s $15 billion. Compared to 2022 indicators, the value of Russian exports to the BRICS countries increased by 18%. Based on the current dynamics, we see the possibility of a significant increase in supplies and expect their volume to exceed $16 billion by the end of the year,” Lut said.
According to her, since the beginning of 2024, exports of agricultural products from the Russian Federation to the BRICS countries have already exceeded $7 billion.
The event was attended by representatives of Brazil, India, China, South Africa, and new members of the association — the United Arab Emirates, Iran, Egypt, and Ethiopia.
At the end of the meeting, the parties adopted a joint declaration reflecting all the priorities of this year's Russian chairmanship in the bloc. The document will help synchronize the positions of partner states on issues affecting the further development of mutually beneficial cooperation in the field of agriculture.