Russian Prime Minister Vladimir Putin on Friday backed the Federal Antimonopoly Service's proposal to create a grain exchange.
"The Economic Development Ministry, your service, and the tax service should take steps to create the exchange," Putin told antitrust chief Igor Artemyev.
Artemyev said a grain exchange was necessary to cut the number of intermediaries between grain producers and consumers.
Bread prices have already begun rising in Russia despite a grain export ban imposed earlier this month in response to drought caused by hot weather.
Artemyev proposed requiring Russian grain exporters to trade their contracts at a Russian exchange, as well as sell at least 15% of domestic Russian contracts through the exchange.
"We want to propose that all export contracts be traded for rubles at the [Russian] exchange," Artemyev told journalists.
He also said his service proposes outlining more clearly the rules of exchange grain trade, adding that the key aim is to remove intermediary chains from the grain market.
NOVO-OGARYOVO, August 13 (RIA Novosti)
