MUMBAI, March 18 (Commoditiescontrol): On Saturday, a deal allowing the safe Black Sea export of Ukrainian grain was renewed for at least 60 days. The pact was brokered with Russia and Ukraine by the United Nations and Turkey in July to combat a global food crisis fueled in part by Russia's Feb. 24, 2022, invasion of Ukraine and Black Sea blockade. The deal had been renewed for an additional 120 days in November and was set to expire on Saturday.
The United Nations and Turkey announced on Saturday that the deal had been extended, but did not specify for how long. However, Ukraine said it had been extended for 120 days, while Russia only agreed to renew the pact for 60 days. This is because Russia warned any further extension beyond mid-May would depend on the removal of some Western sanctions.
Ukraine's Agriculture Minister Mykola Solsky emphasized the importance of the Black Sea export pact, stating that it was an opportunity to keep helping those in need and "save the world from hunger." Ukraine had supplied nearly 500,000 tonnes of wheat for U.N. aid programs.
Russia and Ukraine are key global suppliers of food commodities, and Russia is also a top exporter of fertilizer. The Black Sea Grain Initiative, alongside the Memorandum of Understanding on promoting Russian food products and fertilizers to the world markets, are critical for global food security, especially for developing countries. This was stated by U.N. spokesman Stephane Dujarric in a statement.
In conclusion, the renewal of the deal allowing the safe Black Sea export of Ukrainian grain is a critical step towards ensuring global food security. The deal has been extended for at least 60 days, but the future extension will depend on the removal of some Western sanctions as demanded by Russia.
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