World Grain - May 2024 - 26

FEATURE: RUSSIA PUSHING FOR BRICS GRAIN EXCHANGE
The creation of such an exchange
in the current geopolitical
conditions is most necessary for
Russia, which accounts for 22%
of global grain exports and is at
risk due to external restrictions.
Vladimir Chernov, analyst, Freedom Finance Global
pand grain production in Siberia, the Urals, and the
Far East, poorly populated parts of the country where
agriculture is not developed as much as in European
regions. The country will almost entirely sell the additional
quantities to China.
BRICS alliance
members
Brazil
Russia
India
China
South Africa
Egypt
Ethiopia
Iran
United Arab
Emirates
The idea of selling grain to foreign customers for
rubles has been brewing in the Russian government offices
for some time. With the help of
BRICS, it can become reality.
During a recent government meeting,
Elvira Nabiullina, the head of
the Russian central bank, revealed
that the share of transactions between
Russia and BRICS member
countries conducted in national currencies
has tripled, reaching 85%.
Nabiullina further explained that
Moscow is actively engaged in discussions
regarding
the
potential
integration
of national payment
infrastructures with other BRICS
members to further facilitate trade
between member states.
The Russian government has encouraged other
BRICS countries to explore avenues for transitioning
away from the US dollar and alternative settlement
schemes.
RUGE denies the idea that the new grain exchange
will facilitate only Russian grain exports. Zernin
said that although Western sanctions continue to
weigh on the demand for Russian grain, the global
market remains strong.
However, the BRICS grain exchange could help
keep Russian grain exports running when international
restrictions against the country continue to
pile up.
The EU is set to impose a tariff of up to 50% on
Russian grain imports in a bid to limit the Russian
economy's incomes and protect the European market,
European Commission president Ursula von der
Leyen recently announced.
Zernin said Russia will be fine with the planned in26
troduction
by the European Union of duties on grain
from Russia and Belarus. Speaking to the Russian
press, Zernin noted that an import ban of Russian
agricultural products could hurt European processors,
especially in the markets of Italy and Spain. He
also added that the EU is more of a competitor than
a target market for Russian crop exports, and supply
volumes were insignificant.
Many hurdles to clear
Establishing an alternative system for grain trade
will take political will, time and substantial efforts.
Lisovolik listed ensuring the level of liquidity of
exchange trading and attracting participants to trading,
including from the private sector, as several of
the challenges in creating and regulating the BRICS
grain exchange.
" And, of course, it will be necessary to ensure a
certain level of competitiveness - the existing exchanges
have been trusted for a long time; they have
developed their own infrastructure, and so far, they
have the advantage, " he said.
Freedom Finance's Chernov said he does not expect
the new grain exchange to be formed soon since there
are numerous obstacles yet to be overcome.
" The creation of such an exchange in the current
geopolitical conditions is most necessary for Russia,
which accounts for 22% of global grain exports and
is at risk due to external restrictions, " Chernov said.
Russian analysts believe the relations between
China and Western countries largely will determine
the future of projects like the BRICS grain exchange.
Ekaterina Novikova, associate professor of the
Department of Economic Theory of the Russian
Economic University, for instance, said the world
economy gradually is being divided into two regions.
The key players are China and the United
States, which have major trading partners around
them. She believes the United States will not be able
to influence the global grain market as before.
Looming trade tensions between Western countries
and China could push the latter to more actively
explore opportunities to deepen ties with other
emerging economies. The outcome of the 2024 US
presidential elections will play an important role, as
the Republican candidate, former president Donald
Trump, seeks to escalate the trade conflict by imposing
50% duties on Chinese imports.
Vladislav Vortonikov is a correspondent from Voronezh, Russia.
He may be reached at Vorotnikov.vlsl@gmail.com.
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World Grain - May 2024

Table of Contents for the Digital Edition of World Grain - May 2024

World Grain - May 2024 - Intro
World Grain - May 2024 - 1
World Grain - May 2024 - 2
World Grain - May 2024 - 3
World Grain - May 2024 - 4
World Grain - May 2024 - 5
World Grain - May 2024 - 6
World Grain - May 2024 - 7
World Grain - May 2024 - 8
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http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com