Russia suspends Ukraine grain deal. Here’s what it means for the rest of the world – Gist It

Russia suspends Ukraine grain deal. Here’s what it means for the rest of the world

Russia has decided not to extend a U.N.-backed agreement, known as the Black Sea Grain Initiative, that has allowed Ukraine to export grain and other food items during the ongoing invasion.

Key Details: This agreement, reached in July last year, facilitated international shipments of foodstuffs like corn, wheat, barley from three specified ports in Ukraine.
* It was an important factor in preventing a surge in global food prices and warding off increasing worldwide hunger.
* U.N. Secretary-General António Guterres had lauded it as a “beacon of hope.”

Why the Deal was Suspended: Russia has expressed dissatisfaction with the deal, claiming that it failed to enable Russian agricultural exports blocked by Western sanctions.
* Despite food and fertilizers not being under sanctions, Russia alleges that limitations connected to banking, transit, and insurance due to the sanctions make trading impossible.
* This is not the first time Russia has withdrawn from the agreement. Back in October and May, Russia suspended and nearly suspended its participation respectively.

The Aftermath: An increase in wheat futures prices, up by 3.5% to $6.84 a bushel in Chicago, has already been reported following the news of the deal’s suspension.
* Prior to the agreement, Russian naval blockades hindered key Ukrainian exports like wheat and sunflower oil from reaching global markets.
* The agreement had allowed 1,003 voyages from the Ukrainian ports, carrying a total of 32.8 million tons of grain and other food products.
* The grain shipments from Ukraine were received by 45 countries. Asia received 46% of the imports, Western Europe received 40%, Africa received 12% and Eastern Europe 1%.

Future Uncertainty: Turkish President Recep Tayyip Erdogan, the initial broker of the deal, intends to discuss the agreement in a forthcoming phone call with Russian President Vladimir Putin. However, it is currently unclear if and when the deal may be resumed.

View original article on NPR

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July 17, 2023

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