Russian Federation reiterates its strong support for CFC
The Common Fund for Commodities (CFC) had the honour of welcoming H.E. Mr. Vladimir Tarabrin, Ambassador of the Russian Federation to the Netherlands, to its offices for the first time. Ambassador Tarabrin, representing a nation that is a cornerstone of the global commodities landscape, was warmly received by Ambassador Sheikh Mohammed Belal, Managing Director of the CFC.
Ambassador Tarabrin was accompanied by Mr. Iaroslav Trykin, Third Secretary of the Russian Mission to the OPCW, while Ambassador Belal was joined by Mr. Andrey Kuleshov, Chief of Strategy and Development, and Ms. Zahra Kahla, Intern Data Analysis and Communications.
Following an exchange of courtesies, Ambassador Belal briefed his counterpart on the Fund’s ongoing activities and the growing challenges it faces in meeting the overwhelming demand for its services, which is now at an all-time high. In response to this demand, Ambassador Belal presented the newly conceived Agricultural Commodity Transformation (ACT) Fund, an ambitious initiative aiming to raise approximately USD 100 million. He noted that the unprecedented demand for CFC’s catalytic financing presents a pivotal moment for Member States to reconsider the Fund’s shape and form of capitalization, especially as it operates without a system of assessed contributions. Ambassador Belal urged the Russian Federation to consider becoming an anchor investor in the ACT Fund when the situation permits and to remain supportive of the concept of impact investment to drive deeper, more transformative impacts at the farm gate level.
Ambassador Belal opened by acknowledging the Russian Federation’s historic and foundational role in bringing the CFC into existence, noting that its future success will be a testament to this early leadership and vision. He highlighted the Fund’s tangible impact on the ground and underscored the urgency of collective action to alleviate poverty, strengthen resilience, and foster sustainable development in an era marked by multiple global crises.
A central theme of the discussion was the CFC’s flagship “Humanizing Value Chains” initiative, which Ambassador Belal described as essential to maximizing benefits for smallholder farmers, alleviating poverty, and combating hunger through inclusive and sustainable commodity development. He underscored that fostering peace and justice across these value chains is a fundamental prerequisite, as without them, smallholders and SMEs are too often marginalized and left out of the loop of prosperity. He stressed the paradox that, while global commodity markets generate trillions in value, the farmers who produce these commodities often remain in poverty—a challenge both organizations are uniquely positioned to address.
Ambassador Tarabrin conveyed his appreciation for the CFC’s leadership in advancing inclusive growth through commodity value chains in developing countries. He reaffirmed the Russian Federation’s commitment to the core mission of the Fund, drawing a direct line from its status as a global commodity giant to its natural interest in fostering stable and equitable markets worldwide. He further acknowledged the Fund’s efforts to raise awareness of these critical issues within the United Nations system, describing its advocacy as both essential and timely.
Ambassador Belal particularly emphasized how the Russian Federation’s profound influence in global commodity markets and international standing could exponentially amplify the CFC’s impact, creating a model for cooperation that the world urgently needs. With the Russian Federation at the helm of the BRICS Group, expectations are high for innovative initiatives, including alternative credit-rating approaches, new loan principles, and the development of BRICS Pay as an emerging financial mechanism.
The meeting concluded with both Ambassadors expressing their resolve to remain in close contact and to follow up on the important issues discussed, building upon a shared history to meet the challenges of the future.