Putin Orders Developing Grain Exchange Mechanism between BRICS Countries

Russian President Vladimir Putin ordered the government to submit proposals to facilitate grain trade with other countries, including India and China, according to the Kremlin.

The grain exchange proposal, which also includes Brazil and South Africa within the framework of the countries that together with Russia form the BRICS group, aims to allow buyers to buy directly from producers. The Russian proposal has already received Putin's support before the group's summit in October.

The Kremlin asked Prime Minister Mikhail Mishustin and Central Bank President Elvira Nabiullina to submit proposals by July 1.

Putin also ordered the government to initiate additional measures to support farmers, including providing financing and ensuring the availability of gasoline and diesel supplies.

Earlier, Russia was forced to impose a temporary ban on the export of diesel and gasoline due to fuel shortages and high prices on the local market during the harvest season.

Most of the restrictions were later lifted, but Russia reimposed the ban on gasoline exports, with some exceptions, for six months, starting on March 1, to avoid fuel shortages.