russia and China sign a major grain supply contract

Russia and China have signed a major contract for grain supplies worth about $25.7 billion. Karen Hovsepyan, leader of the New Land Grain Corridor initiative, told Russian media on the sidelines of a business forum held in Beijing on the eve of the opening of the Third International Forum “One Belt, One Road.”

“Today we have signed one of the largest contracts in the history of Russia and China for almost $25.7 billion for 70 million tons for 12 years of supply of grain, pulses, and oilseeds,” said Karen Hovsepyan.

He noted that this initiative will help normalize the export structure within “The Belt and Road”. “The situation is that we are definitely more than replacing the lost volumes of Ukrainian exports to China at the expense of Siberia and the Far East,” Hovsepyan emphasized.

He also announced the imminent launch of the overland grain initiative. “In the last days of November – early December, at the meeting of the heads of government of Russia and China, an interstate agreement on the New Overland Grain Corridor will be signed,” he said.

According to him, thanks to the Trans-Baikal Grain Terminal, the new initiative will increase Russian grain exports to China to 8 million tons, which is planned to be increased to 16 million tons in the future through the construction of new infrastructure.

Since the expiration of the grain deal, Russia has been systematically attacking Ukraine’s port infrastructure and trying to replace Ukraine’s agricultural products on world markets by all means.

Tags: China, grain, Russia