Russia wants BRICS to become OPEC for wheat. Will members buy it?

Putin proposes grain exchange in response to record-low prices

20241025N Russia wheat

Wheat is loaded into a truck in Russia's Omsk region. Russia is the world's leading exporter of the grain. © Reuters

MINORI SATO, Nikkei staff writer

TOKYO -- Russia is leading a charge to turn the BRICS economic bloc into the top influencer of global grain prices.

In a declaration following a three-day BRICS summit this week in Kazan, Russia, a call for the end of "illegal sanctions" against members Russia and Iran grabbed headlines. But buried inconspicuously within the document was a plan to establish a grain exchange within BRICS.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.