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7 Jul, 2022 09:30

Russia introduces new payment rules for grain exports

Only “friendly” nations will receive supplies which are to be paid for in rubles
Russia introduces new payment rules for grain exports

Russia has started selling grain abroad in domestic currency and to “friendly” countries only, the country’s largest trade and logistics operator of agricultural products reported on Wednesday.

The head of the United Grain Company Dmitry Sergeev made the announcement during a meeting with President Vladimir Putin.

Egypt has been the biggest client so far, and several contracts with partners in Turkey have been signed, totaling 3 billion rubles (more than $47 million), he added.

"The main thing we are striving for is to stop using intermediary international traders completely and work directly with importing countries," Sergeev stressed.

Russia is the world’s top wheat exporter and President Putin said in May that this year's grain harvest could be the biggest ever, as the country is expected to harvest 130 million tons of grain, including 87 million tons of wheat.

The global grain market has been badly affected by the disruption of exports from Ukraine and other major wheat producers, India and Kazakhstan. Both have banned wheat exports to ensure food security at home. The developments have led to a spike in grain prices and warnings of a global food crisis.

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