Russia will supply grain to China worth $25.7 bln to replace Ukrainian exports

China and Russia signed a 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."

Over the next 12 years, Moscow is to ship 70 million tons of cargo to Beijing.

The head of the Russian initiative said that Russia would replace Ukrainian grain "at the expense of Siberia and the Far East."

On October 18, during a meeting with Chinese President Xi Jinping, Russian President Vladimir Putin said that close foreign policy coordination is needed in the current environment.

He expressed confidence that the goal of $200 billion in trade between the two countries would be "definitely achieved" by the end of the calendar year.

The Kremlin media also reported that after the meeting with his Chinese counterpart, Putin said that at the upcoming meeting in Bishkek, the prime ministers of Russia and China would sign a plan for cooperation between the two countries until 2030.

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.