October 4, 2022
Russia to offer trade finance for importers of its grain
Dmitry Patrushev, Russia's Agriculture Minister, said the country may offer trade finance to importers of its grain, as Russia is affected by sanctions imposed due to its invasion of Ukraine, Reuters reported.
As the largest exporter of wheat in the world, Russia is collaborating with Eximbank and the Russian agency for export credit and investment insurance. Patrushev said this is to provide financing to foreign companies for the purchase of their products.
He said they have the chance to sell a lot of grain as settlements up to this point have also been problematic.
Patrushev said more importers of Russian grain are now making payments in roubles or their home currency each month. The two countries that buy the most Russian grain are Egypt and Turkey.
Patrushev also said his ministry would make efforts to ensure the smooth operation of the farming industry in response to the fact that farmers were among those drafted into the military as part of Russia's partial mobilisation during a busy period of the sowing season.
Patrushev, who is the son of Russia's Security Council secretary said that within the interests of his department, they would like to see more people employed in agriculture, but there are state objectives, and they are certainly a priority.