News in brief: Ukraine and Russia have agreed to extend the Black Sea grain deal for two more months. The deal allows them to continue shipping grain to the global market.
Ukraine and Russia have agreed to a two month extension of the Black Sea grain deal. This is the second time both countries are renewing the deal after a 60-day extension in March.
Initially brokered in July 2022, the agreement allowed Ukraine ship out grain stuck in its ports since the Russian invasion. The previous extension was set to end on May 18 and there had been talks about Ukraine’s options if they couldn’t reach an agreement.
Turkey’s President Recep Tayipp Erdogan, who brokered the new deal, broke the global news on Wednesday. “With the efforts of our country, the support of our Russian friends, the contribution of our Ukrainian friends, it was decided to prolong the Black Sea grain deal for two more months,” he announced.
Then, both Ukraine’s Deputy Prime Minister Olexandr Kubrakov and Russian Foreign Ministry spokeswoman Maria Zakharova confirmed the news. Commenting on the extension, UN Secretary General Antonio Guterres said that Ukraine and Russian agricultural products ‘feed the world’.
According to the United States Department of Agriculture (USDA) Farm Service Agency (FSA) report, Ukraine is still the number one exporter of Sunflower. In addition, the country occupies the top ten position for exporting corn, wheat, barley, and more.
Meanwhile, Russia is responsible for shipping the most wheat, accounting for more than 18% of the global market share. It is also among the top ten exporters of maize, barley, and more. The Food and Agriculture Organization (FAO) says both nations hold nearly 18% of the entire global agric export between them.
This further buttresses Guterres’ statement on their importance to world food. According to a DW coverage of similar story, food prices skyrocketed to record highs in the months following the February invasion. It also impacted other commodity prices like fuel directly and others relatively.
Note that the Black Sea grain deal does not mean the two countries stopped fighting. Instead, it only allows safe grain exports from some ports. Turkey plays inspection host to ensure both parties follow the rules.
