Russia and the creation of a grain exchange: A new threat looming

Published Oct 31, 2024

Tridge summary

The 16th BRICS+ summit in Kazan, Russia, on October 22 and 24, aimed at strengthening the bloc's economic and political influence against the G7, with a focus on creating a new reserve currency to reduce dependence on the US dollar and the World Bank. This move is seen as a step towards de-dollarization. The summit also highlighted the intention of Russia and Brazil to establish a grain exchange to facilitate trade among BRICS+ countries, potentially impacting the global agricultural market and French farmers. The article also touches on the challenges of implementing a common currency and the potential effects on stock markets. However, it remains too early to predict significant price impacts, with the situation warranting close monitoring.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On October 22 and 24, the 16th BRICS+ summit was held in Kazan, Russia. This meeting took place in a tense geopolitical context, marked by the conflict between Russia and Ukraine, as well as by the anti-dumping investigations conducted by China against certain Canadian and French products. The main objective of this summit was to strengthen the influence of this “club” in order to compete economically and politically with the G7 countries. But for Vladimir Putin, this annual meeting was mainly intended to show the world that he is not isolated and that international sanctions do not impact Russia. New Currency, New Independence Brazil, Russia, India, China, South Africa, and several new partners (the United Arab Emirates, Egypt, Ethiopia, and Iran) are seeking to free themselves from their dependence on the World Bank and the US dollar - the dominant currency in global trade - suspected of being too conciliatory with Western countries. Their goal is to create their own reserve ...

Source: Pleinchamp