The commodity murabaha mechanism involves a bank or partner financier purchasing a real commodity on the exchange and transferring it to the agricultural enterprise under a sale agreement with deferred payment and a pre-arranged markup. The farmer sells the commodity on the exchange at market price and uses the proceeds to fund farm needs, with the debt repaid according to the agreed schedule.
According to Kazbek Pshinshhev, the Petersburg Exchange launched pilot murabaha trades in 2025. The first instrument is diesel fuel. The first deal was concluded for 10 million rubles with a four-year installment.
The basis for deals could be goods in demand in the agro-industrial complex. Diesel fuel addresses planting, harvesting and logistics needs, providing financing for seasonal expenses. Mineral fertilizers are necessary for spring work — under this scheme farmers gain the ability to purchase materials on time.
To scale the mechanism, expansion of the tradable goods list beyond diesel fuel to fertilizers, feeds and equipment is needed. Standard contracts and clear procedures for farmers, banks and traders are required, as well as developing a partner network of banks, leasing companies, cooperatives, and regional state bodies of the agro-industrial sector, along with pilot projects for clear and liquid goods. To conclude, Kazbek Pshinshhev underscored that commodity murabaha is not just a financial instrument. It is a way to connect real goods, market transparency and agribusiness needs to provide the agro-industrial complex with a sustainable financing channel without interest burden. Additional information is available on the Petersburg Exchange's social pages: VKontakte page, Dzen page, and T-pulse profile.