The rf  Wants to Create an Alternative Agricultural Platform Within the BRICS

During the st. petersburg international economic forum on June 18-21, russia will begin formal consultations with the BRICS countries on the creation of a grain exchange. The kremlin is promoting the project as a tool to strengthen its position in the global agricultural market and circumvent Western sanctions.

The aim  is to increase the rf’s  influence on the countries of the Global South. The kremlin sees the new exchange as a step toward a broader trading  platform for oil, metals, and gas.

russian authorities plan that the new platform will allow to form an  “independent” price for grain within the BRICS, minimize the influence of Western traders and the dollar, and switch to settlements in national currencies.

However, the initiative will hardly gain 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 market access. Without their economic involvement, the project will remain declarative.