President Vladimir Putin has told the BRICS Business Forum in Sandton that the country was ready to return to the grain deal "only when all obligations to the Russian side have been fulfilled."
Putin addressed the BRICS Business Forum in Sandton, Johannesburg, via video link, after he agreed in July that he would not attend in person due to the threat of arrest.
He said the illegitimate sanctions imposed on sovereign states were compounding the world's socio-economic challenges.
He said they were having to deal with challenges amidst the increasing volatility in stock, currency, energy, and food markets coupled with strong inflation pressures.
He said that international economic situations were also seriously affected by the "illegitimate sanction practice and illegal freezing of assets of foreign states, which essentially amounts to the tramping of all the basic norms and rules of free trade".
Putin said that despite the unlawful sanctions that seriously hindered Russia’s supply of grain, the country is and would continue to remain a responsible supplier of food to the African continent.
He said Russia was being deliberately obstructed in the supply of grain and fertilisers abroad.
"We are hypocritically blamed for the current crisis situation in the world market," he said.
"Our country has capacity to replace Ukrainian grain both locally and internationally," he added.
He also said that the US dollar was losing its global role in an "objective and irreversible" process.
Talking about the BRICS Summit under the theme BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism, Putin said that the exchanges at this summit enhanced sustainable development between the countries.
He said more and more joint projects were launched, mutual trade was growing, and industry contracts expanding.
Mutual investments among BRICS states have increased sixfold, and their total exports have reached 20% of world exports. For Russia, the trade volume with BRICS partners has increased and grown by 35.6% in the first half of this year, Putin said.
He also reiterated that the multifaceted partnership and corporation of BRICS not only made a significant contribution to the growth of each partnered state but also contributed to eradicating hunger, promoting food security, and added to the growth of the global economy.
kailene.pillay@inl.co.za
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