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Black Sea Grain export Deal further extended between Russia and Ukraine

Black Sea Grain export Deal: A pact that aided Ukraine in exporting its agricultural exports from Black Sea ports was extended for another four months, despite Russia’s assertion that its own conditions had not yet been fully met. The Black Sea Grain export Deal, first negotiated in July, established a safe transit route and was intended to reduce shortages by allowing exports to resume from three ports in Ukraine, a significant grain and oilseed producer.

Black Sea Grain export Deal: About the deal extension between Russia and Ukraine

  • The UN was “totally committed” to removing the last remaining barriers to the shipment of food and fertilisers from (Russia), which Moscow views as essential to the agreement.
  • The agreement will be extended by 120 days beginning on November 18 without any revisions, according to the Russian foreign ministry.
  • Since Aug. 1, more than 450 ships have transported 11 million tonnes of Ukrainian grain and other goods around the globe, according to President Volodymyr Zelenskiy.
  • According to two sources involved with the negotiations, the renewal has not yet included an agreement on the export of Russian ammonia via a pipeline to the Black Sea. However, one of the insiders noted that Russia would continue its efforts to resume those exports.
  • However, one of the insiders noted that Russia would continue its efforts to resume those exports. A vital component of fertiliser is ammonia.

“Zelenskiy stated in September that he would only support the notion of resuming ammonia exports through Ukraine if Moscow returned prisoners of war—a notion that the Kremlin disapproved of.”

The United Nations and Ukraine requested a 120-day extension rather than a one-year one. This week, Russia stated that the deal’s existing term seemed “reasonable.”

The COVID-19 pandemic and ongoing climatic shocks are also significant contributors to the global food price problem, which also had a decline in Ukrainian exports after Russia’s invasion in late February.

Black Sea Grain export Deal: Global Food Prices Crisis

The COVID-19 pandemic and ongoing climatic shocks are also significant contributors to the global food price problem, which also had a decline in Ukrainian exports after Russia’s invasion in late February. A total of 11.1 million tonnes of agricultural products, including 4.5 million tonnes of corn and 3.2 million tonnes of wheat, have been exported since July as part of the agreement.

Following the announcement of the extension, Chicago wheat prices decreased. The benchmark contract fell 2%, while corn fell 1.3%.

Russia and Ukraine sell a lot of grains to other countries. Russia is a significant provider of fertilisers to international markets and the largest exporter of wheat in the world.

Black Sea Grain export Deal: MOSCOW OVERVIEW

  • Moscow has stated time and time again that sanctions make it more difficult for exporters to handle payments, obtain vessels, and obtain insurance, despite the fact that their supplies of grain and fertilisers are not specifically targeted.
  • Moscow assumed that in the upcoming months, the Russian concerns over the easing of the conditions for its exports would be fully taken into account.

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