MOSCOW 

Russia will be able to supply 50 million tons of grain to the global market this year, President Vladimir Putin said on Friday.  

Speaking at a meeting of BRICS Plus format via video conference from Moscow, Putin said the deliveries will depend on the situation with insurance of vessels, transporting food, bank payments, and other restrictions imposed on Russia. 

The BRICS bloc of Brazil, Russia, India, China, and South Africa was formed in 2006 to coordinate economic and trade policies. 

Putin emphasized the importance of coordination efforts between countries, saying sharing values of a "truly democratic multipolar world" is particularly important at an unstable time when some countries are trying to replace international law with "rules-based order" to preserve their dominance. 

Attempts to contain the development of some countries, the use of illegitimate sanctions and the COVID-19 pandemic led to the crisis in the world economy, he further said. 

Skyrocketing food and fuel prices have severely damaged many countries, especially in Asia, Africa, Latin America, and the Middle East region, he added.   

Putin accuses G-7 of current inflation 

Putin said that the current inflation is a result of a long-term irresponsible policy of the countries comprising the Group of 7, the world's largest developed economies. 

"I want to emphasize once again, that the sharp increase in inflation did not happen yesterday – it was the result of several years, it was the result of many years of irresponsible macroeconomic policies of the G7 countries, uncontrolled emission, and accumulation of unsecured debts. 

"And these processes accelerated with the onset of the pandemic when both supply and demand for goods and services drastically decreased on a global scale," he said. 

Putin reproached the West for being cynical, pointing out that the West, taking destabilizing measures on the food market, is making a fuss about transporting Ukraine's grain, which will not thwart a threat of a global food crisis. 

"Russia does not prevent the export of Ukrainian grain from the territory of this country and is ready to ensure the free passage of grain vessels into international waters," he said. 

Moscow reached an understanding on this issue with the UN representatives, the only thing that misses in organizing export is Kyiv's cooperation, Putin added. 

Tons of Ukrainian grain are stuck due to the ongoing Russia-Ukraine war, causing global shortages and price hikes. Russia, which is accused of using food as a weapon, says Western sanctions are to blame for the food shortages.​​​​​​​ 

"Russia is a significant and responsible participant in the global food market. And we are certainly ready to continue to faithfully fulfill all our contractual obligations for the supply of agricultural products, fertilizers, energy carriers, and other critical products," he pledged. 

Many serious global problems can be solved only through honest collective cooperation, and the BRICS Plus meeting is an example of such interaction, he said. 

Apart from the leaders of BRICS countries, the presidents of Algeria, Argentine, Egypt, Indonesia, Iran, Kazakhstan, Cambodia, Malaysia, Senegal, Thailand, Uzbekistan, Fiji, and Ethiopia joined in the meeting.