(MENAFN) In a recent directive from the Kremlin, Russian President Vladimir Putin has instructed the government to explore avenues to streamline grain trade with key international partners, notably India and China. The initiative, outlined in documents released over the weekend, underscores Putin's push for greater efficiency and accessibility in global grain markets. This proposal extends beyond bilateral arrangements, encompassing countries like Brazil and South Africa under the BRICS framework, which Russia is part of. The overarching goal is to facilitate direct transactions between buyers and producers, a move aimed at fostering smoother trade relations within the group.
Putin's directive carries significant weight, having garnered his explicit backing ahead of the upcoming BRICS summit scheduled for October. Prime Minister Mikhail Mishustin and Central Bank President Elvira Nabiullina have been tasked with formulating detailed proposals by July 1, indicating the urgency and priority accorded to this initiative. Beyond trade facilitation, the Kremlin has also emphasized the need for comprehensive support measures for the agricultural sector.
Recognizing the challenges faced by farmers, especially during critical periods like the harvest season, Putin has mandated additional steps to bolster their resilience. This includes ensuring adequate financing mechanisms and addressing logistical hurdles such as the availability of fuel, notably gasoline and diesel. The directive resonates with recent experiences, as Russia had to resort to temporary bans on fuel exports last year due to domestic shortages and price spikes.
While most of these restrictions were eventually lifted, concerns persist, prompting the reimposition of certain export bans earlier this year. Notably, the ban on gasoline exports, albeit with some exceptions, was reinstated for a six-month period starting March 1 to preempt potential fuel shortages. Putin's proactive stance underscores the government's commitment to addressing systemic challenges and fortifying key sectors vital for the nation's economic stability and international engagement.
MENAFN21042024000045015682ID1108119336
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.