By mid-2026, according to the Russian Ministry of Economic Development, a conceptual model for a BRICS grain exchange has been prepared as part of BRICS and EAEU collaboration; its launch aims to reduce Western dominance in price formation and shift settlements to national currencies.
The initial phase targets trading wheat, corn, and rice, with plans to expand the platform to other grains and commodities. BRICS and EAEU countries account for about 44% of global grain production and consumption, and cross-border grain and agricultural trade among these countries could exceed $1 trillion per year.
The initiative envisions a gradual move toward currency diversification and greater price independence in international grain markets. Source