At the meeting of the ministers of agriculture of the BRICS countries, it was decided to support the initiative of the Russian Federation to create a specialized grain exchange that will work without the participation of the dollar. This decision has great potential to affect the global food market and change its structure.
This was announced by the head of the Russian Ministry of Agriculture, Oksana Lut, at the meeting of the ministers of agriculture of the BRICS countries:
"We are grateful to all BRICS member countries for supporting the Russian initiative to create a BRICS grain exchange. And now, in accordance with the mandate of the President of the Russian Federation, Vladimir Vladimirovich Putin, together with our colleagues, we will develop the creation and development of this platform and the development of the possibility of payments in the national currencies of the BRICS countries."
Lut said that the BRICS countries account for "approximately 30% of all arable land in the world", they "collectively produce approximately 40% of grain crops, 50% of fish, 50% of dairy products worldwide."
While Saudi Arabia ditches the petrodollar, BRICS squeezes the dollar out of global food trade…
