Russia updates its export payment policies| MENAFN.COM

Thursday, 18 August 2022 10:25 GMT

Russia updates its export payment policies


(MENAFN) Russia has begun selling grain overseas in local currency and to only "friendly" nations, according to a report released on Wednesday by the nation's largest trading and logistics operator for agricultural products.

During a meeting with President Vladimir Putin, Dmitry Sergeev, the CEO of the United Grain Company, made the news. On the other hand, the largest client thus far has been Egypt, and contracts for a combined 3 billion rubles (over USD47 million) have been made with partners in Turkey, he noted.

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

Russia is the leading exporter of wheat in the world, and President Putin predicted in May that this year's harvest of grains, which is anticipated to total 130 million tons and include 87 million tons of wheat, may be the largest ever.

The interruption of shipments from Ukraine and other significant wheat producers, like India and Kazakhstan, has had a negative impact on the world grain market. Both have enacted bans on wheat exports to protect domestic food supplies. Grain prices have increased as a result of the changes, and there are already predictions of a worldwide food catastrophe.

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