Russia and China have signed the largest grain supply contract

Moscow and Beijing have signed an important agreement providing for the largest contract for the supply of grain goods worth about 2.5 trillion rubles (approximately $ 25.7 billion). This became known after the meeting of the Presidents of Russia and China at the Belt and Road Initiative forum. 

According to this contract, it is planned to supply 70 million tons of grain, legumes and oilseeds over 12 years. This crucial agreement will help replace the losses in the volume of Ukrainian grain exports that were caused by the events in Ukraine.

Moreover, the leader of the «New Land Grain Corridor» initiative Karen Hovsepyan announced the upcoming signing of an interstate agreement on the creation of a grain corridor between Russia and China, which is expected in late November or early December.

According to the data provided by Putin, this year Russia expects a grain harvest of about 137-138 million tons, and its export potential will remain at the level of 2022 and will amount to 50-60 million tons. It is important to note that Russia has already started grain supplies to Pakistan.