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Belarusian commodity exchange plans to cooperate with Russia’s Kalmykia

MINSK, 21 June (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) plans to develop exchange trade with Russia’s Kalmykia, BUCE spokesman Roman Yaniv told BelTA.

Positive experience of companies from Smolensk Oblast, Bryansk Oblast and Pskov Oblast of working with the Belarusian Universal Commodity Exchange can be successfully scaled up to more distant regions of the Russian Federation. BUCE is ready not only to give Kalmykia exporters direct access to more than 21,000 Belarusian companies, but also to become an electronic window to the markets of other countries, Aleksandr Bashliy, head of foreign trade at BUCE, said as he spoke at a meeting of the working group on cooperation between Belarus and the Republic of Kalmykia, which was held at the Ministry of Transport and Communications on 21 June. 

“This year we have significantly increased the exchange trade with the Russian Federation, including thanks to active participation of companies from nearby regions. Earlier, the main focus was on Moscow Oblast and Leningrad Oblast. Today, we are doing our best to attract small and medium-sized businesses from Smolensk, Bryansk, and Pskov regions as much as possible. We have already gained positive results. In January-May 2021, the amount of transactions made by Russian companies-residents on the exchange platform more than doubled, reaching $55 million. Those were not only classical export-import transactions between Belarusian and Russian companies, but also transit deals to sell Russian rapeseed oil to China and sawn wood to the Baltic states. I am sure that this mechanism will be popular with the companies from Kalmykia as well,” the BUCE representative said.

As of 1 June 1 2021, a total of 2,589 economic entities from the Russian Federation were accredited with the BUCE (97 more from the beginning of the year). The exchange trade with Russia mainly features transactions in ferrous metals and their products, coal, oilseed meal, building materials and dairy products.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest mercantile exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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