Russian and Egyptian commodities exchanges plan closer cooperation

MOSCOW: Russia’s and Egypt’s leading commodity exchanges plan to cooperate more closely, with a view to setting up a potential new grain exchange within the wider BRICS group, the head of Russia’s SPIMEX exchange said late on Thursday. Russia, the world’s largest wheat exporter, has been pushing to establish the exchange as part of a broader plan ⁠to create new financial instruments, detach its trade from the US dollar and help Moscow to combat Western sanctions.

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