BEIJING, October 17. /TASS/. Russia and China signed the largest grain supply contract worth around $25.7 bln, leader of the New Overland Grain Corridor initiative Karen Ovsepyan told TASS.

"Today we signed one of the largest contracts in the history of Russia and China for almost 2.5 trillion rubles ($25.7 bln - TASS) for the supply of grain, legumes, and oilseeds for 70 mln tons and 12 years," he said.

He noted that this initiative will help normalize the export structure within the Belt and Road framework. "We are definitely more than replacing the lost volumes of Ukrainian exports thanks to Siberia and the Far East," Ovsepyan noted.

According to him, the New Overland Grain Corridor initiative would be launched soon. "At the end of November - beginning of December, at a meeting of the heads of government of Russia and China, an intergovernmental agreement on the initiative will be signed," he said.

According to him, thanks to the Transbaikal grain terminal, the new initiative will increase exports of Russian grain to China to 8 mln tons, which will increase to 16 mln tons in the future with the construction of new infrastructure.