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Russia could start providing trade finance to importers of its cereals: minister


Some Russian grain importers currently pay in rubles or their local currency.

Moscow:

Russia could start providing trade finance to importers of its grain, as sanctions imposed on Moscow since it sent troops to Ukraine are affecting this financial instrument, Agriculture Minister Dmitry Patrushev said.

Russia, the world’s largest wheat exporter, is working with Eximbank and the Russian Export Credit Insurance and Investment Agency “to provide financing to foreign companies for the purchase of our products”, Patrushev said. to the RBC business daily in an interview published on Monday.

“It will give us the opportunity to sell large quantities. Because there is also a problem with settlements so far,” he added.

Some Russian grain importers currently pay in rubles or their local currency, and the number of such transactions is increasing every month, Patrushev said. Egypt and Turkey are the biggest buyers of Russian grain.

Speaking about the farmers among those drafted into the army during Russia’s partial mobilization at a busy time in the sowing season, Patrushev said his ministry would make efforts to ensure the smooth running of the agricultural industry.

“Of course, in the interest of our department, we would like to see more people employed in agriculture, but there are state goals, and they are certainly a priority,” said Patrushev, who is the son of the secretary of the Russian Security Council, at RBC.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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