St. Petersburg, May 20 (IANS): The share of Russia's grain export settled in rubles, the Russian currency, may increase to 30 per cent in the medium term, Agriculture Minister Dmitry Patrushev said.

At the Russian Grain Forum in Sochi, Patrushev on Friday added that the Agriculture Department is studying the transition of grain exports to domestic currency settlement, and the share of such settlements is expected to reach 30 per cent in the medium term, according to the press service of the department.

He said the Ministry has submitted to the government a draft that will simplify the procedure for opening bank accounts for foreign companies, Xinhua news agency reported.

Russia is also negotiating with importing countries on the creation of grain hubs in them, and on the creation of joint ventures in Russia for grain processing. A search for new promising markets for grain sales is underway, according to Patrushev.

Patrushev also noted that the record grain yield of 2022 has strengthened Russia's position as one of the leading grain exporters. Russia accounted for more than 13 per cent of the world's gross wheat yield and for almost 16 per cent of gross barley yield last year.