Russia has put forward a proposal for establishing a BRICS grain exchange, with the potential for future expansion to include other significant commodities, President Vladimir Putin announced during his opening remarks at a BRICS leaders’ summit on Wednesday.

“BRICS nations are among the foremost producers of grains, legumes, and oilseeds. In this context, we have suggested the establishment of a BRICS grain exchange,” Putin stated to the assembled leaders.

He emphasized that this exchange “will aid in the development of fair and reliable price indicators for products and raw materials, given its crucial role in ensuring food security.”

Putin further noted that the execution of this initiative would safeguard national markets from adverse external influences, speculation, and efforts to engineer an artificial food shortage.

Additionally, he mentioned the possibility of creating a separate platform for trading precious metals and diamonds.

In his address, Putin also highlighted the establishment of a BRICS investment platform, which aims to enhance mutual investments among BRICS nations and could extend to investments in other countries within the Global South.