This was stated by Elena Fastova, First Deputy Minister of Agriculture of the Russian Federation, during the session “World Economy: Between Confrontation and Cooperation. The puzzle of world food security: missing elements” at SPIEF-2026, reports PortNews.
According to her, the focus of Russian exports today is directed to the countries of Asia, Africa and Latin America. One third of Russian food exports are made to the BRICS countries. “The world production of cereals is 3 billion tons, half of it falls on the BRICS countries. But our capacity is greater – we can produce more and feed not only ourselves, but also other countries,” said Elena Fastova.
The representative of the Ministry of Agriculture of the Russian Federation reminded that in 2024, when Russia chaired BRICS, the idea of creating a BRICS grain exchange was proposed. In 2025, the countries confirmed this initiative.
“We are talking about a neutral technological platform where countries can trade grain and other agricultural products. Project participants will be able to create their own pricing mechanism, independent of the external conjuncture. All currencies of the BRICS countries can be used for settlements,” said representative Elena Fastova. She claims that there is a close dialog with partners about the possibility of using the technological platform on the basis of the Dubai Multidisciplinary Commodity Center.
