Russia will target expanded BRICS for grain exports

Significance The entry into BRICS of Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) -- all major importers of grain -- gives Russia an opportunity permanently to displace the EU from their grain markets. Depending on how the exchange is configured, it could form the basis of a global grain cartel. Impacts The gap between the richest and poorest members of BRICS has grown after the group expanded. Russia exported 47.5mn tonnes last year, accounting for 22% of global wheat exports. In the 2022/23 marketing year, Russia’s wheat production accounted for nearly 12% of the world’s total.