World meat industry news

For settlements with BRICS partner countries, Russia proposes to use the BRICS Bridge platform. Finance Minister Anton Siluanov told Vedomosti about this.

It is planned that the mechanism will work like this:

Central banks issue digital financial assets (DFAs), which are similar to tokens.

Their cost is tied to the national currency (one of the options).

Companies use this infrastructure as an alternative payment method.

Siluanov emphasized that the platform will not become a single settlement instrument for the BRICS countries, but will simplify the procedure for making payments.

The project is under development. Implementation dates have not yet been announced.

According to the Central Bank, the share of currencies of unfriendly countries in Russia’s payments for exports fell to 17.8% in January-March 2024. This is the minimum for the entire observation period - since January 2019. Izvestia writes about this.

The share of the ruble in foreign trade payments reached a record 44.7%.

At the end of 2023, the Union of Grain Exporters approached the Ministry of Agriculture with the idea of ​​​​creating a grain exchange for the BRICS countries, within which the participating countries would be able to trade grain without using the dollar.

The idea was later supported by Putin and the local business community.

The markets of Africa, Asia and Latin America are promising for Russian exporters of grain, meat, milk and fertilizers.

According to the head of the Russian Ministry of Agriculture, Oksana Lut, the Middle East and North Africa will become the main destinations for Russian grain exports. The minister also plans to develop relations with India and China in matters of supply of grains and legumes.

Deputy Prime Minister Dmitry Patrushev also spoke about the fact that it is important for Russia to maintain its position and increase supplies to the countries of Southeast Asia, Africa and Latin America.

The authorities are working to create infrastructure in these regions to develop new markets for agricultural products, fertilizers and other non-commodity goods.

The use of digital financial assets for settlements will allow making payments between countries almost instantly and with minimal commissions.

The BRICS Bridge platform could become an alternative to the SWIFT system, which dominates the cross-border payments market.

For the successful implementation of the project, it will be necessary to develop clear rules and standards for the platform, as well as find agreement between all participants.