June 12, 2024

Black Sea Grain Deal Extended Two Months

 

The Black Sea grain deal has been extended for another two months, something the United Nations calls “good news for the world.” The news came one day before Russia could have quit the deal because of obstacles to its grain and fertilizer exports. Reuters says Turkey’s president made the announcement, later confirmed by Russia, Ukraine, and the U.N. Moscow was unwilling to extend the deal unless some demands regarding its own ag exports were met. While Russia’s ag exports of food and fertilizer aren’t directly affected by Western sanctions, restrictions on payments, logistics, and insurance are a barrier to shipments. Russia’s ambassador to the U.N. says the deal was extended because they haven’t lost hope that the problems raised by Russia will be resolved. The U.N. also says it hopes that exports of food and fertilizers, including ammonia, from Russia and Ukraine will get to global supply chains safely and predictably.