Grain receipts will be valid throughout the EAEC

The Heads of Government of the Eurasian Economic Union have finalized the signing of the Agreement on the rules of issue (issuance), circulation and settlement within the framework of the Eurasian Economic Union of warehouse certificates for agricultural products, World of NAN reports with reference to the EEC.

The document is aimed at forming the practice of circulation in the EAEU of warehouse certificates - non-documentary non-issue securities certifying the right of their holders to receive from the warehouse agricultural products in the quantity and quality determined at the issue (issuance) of this security, and granting the right to claim the fulfillment of obligations secured by collateral.

The document defines directions for ensuring state control in this area, as well as mandatory information that must be contained in the warehouse certificate. The Council of the Eurasian Economic Commission will determine the requirements for ensuring the fulfillment of obligations under warehouse certificates in the countries of the Union. This set of integration regulations will ensure mutual recognition of warehouse certificates by the EAEU states.

Today, the system of circulation of warehouse certificates (electronic grain receipts) is legally organized and successfully functions only in the Republic of Kazakhstan. Legislative foundations have been created in the Russian Federation and the Kyrgyz Republic.

"Sustainable circulation of such securities will provide an opportunity for farmers to sell goods during the onset of favorable market conditions both within the EAEU and for export to third countries, as well as open the possibility of attracting borrowed funds against the pledge of warehouse certificates. This, in turn, will have a multiplicative effect on the development of the common agricultural market of the Union and can act as a form of support for the growth of agricultural efficiency in the EAEU countries," said Artak Kamalyan, Minister of Industry and Agro-Industrial Complex of the EEC.

The agreement will enter into force after the parties complete the necessary domestic procedures, but not earlier than June 1, 2026. Such a delayed entry into force is provided for the parties to have enough time to adopt the necessary national legal acts and develop the practice of circulation of warehouse certificates.

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