In a notable shift, Pakistan completed a payment for Russian grain in United Arab Emirates dirhams during November, marking the first time the settlement was not done in dollars. The information comes from data released by the Pakistani government and reported by Russian outlets this fall. The figures indicate that Pakistan imported 377.2 thousand tons of wheat from Russia, valued at about 10.6 billion rubles, with the majority of the payment, nearly 82 percent, settled in dirhams. This trade marks the first mutual grain exchange between the two nations and highlights the evolving currency choices in international commodity deals.
Looking at the year as a whole, Russia supplied Pakistan with a record amount of grain in 2023, reaching close to 1.4 million tonnes, a sharp rise from roughly 294 thousand tonnes in the previous year. Analysts note that this surge reflects a combination of productive harvests and strategic exports that benefited both sides as the agricultural sector adapted to regional market dynamics.
On 17 December, the head of Russia’s Ministry of Agriculture, Dmitry Patrushev, indicated that grain harvest estimates could be revised upward as new data arrive. His comments came amid ongoing discussions about crop yields and export capacity, underscoring a government focus on providing stable supplies for both domestic use and international sales.
By the end of November, authorities announced plans to export more than 65 million tonnes of grain in the current agricultural year. Officials stressed that the harvest volume, the second largest in Russia’s history, should enable the country to meet domestic needs while also supporting a robust foreign trade position. Patrushev later noted that the harvest campaign was nearing completion, with grain collected from about 98 percent of arable land and more than 151 million tonnes of grain harvested, including around 99 million tonnes of wheat. Observers also highlighted notable growth across several crops, such as rice, buckwheat, oilseeds, and other staples, signaling a broad upswing in agricultural production.
Recent market developments point to rising wheat prices in response to storms affecting shipments through the Black Sea corridor. Analysts indicate that these weather disruptions have contributed to price volatility, influencing both domestic markets and international buyers who rely on Russian harvests for supply. The broader narrative connects weather risks, export capacity, and policy signals from Moscow to the pace of grain flows and price levels across Eurasia and beyond.