VTB Asks Putin to Create Russian Grain Champion
Move would weaken leading Russian grain traders, including Cargill and Louis Dreyfus
Russian state-controlled bank VTB (VTBR.MM) has asked President Vladimir Putin to help it create a Russian grain champion to curb the role of foreign traders and give the state greater control over exports, a letter seen by Reuters shows.
The letter from VTB Chairman Andrey Kostin dated June 26 made the case for why the Kremlin should give VTB the go-ahead for its plan, which would weaken leading Russian grain traders. Along with local firms, global giants Glencore (GLEN.L), Cargill, Louis Dreyfus and Cofco all trade Russian grain.
Russia has become increasingly concerned about food security and reducing its reliance on imports since Western sanctions were imposed in 2014.
Read the full report at Reuters.