Black Sea Grain Deal Extended but Negotiations Continue

The Ukraine Black Sea grain deal was extended yesterday for two more months, one day before Russia could have quit the pact over obstacles to its grain and fertilizer exports.

The flow of ships through the corridor had been grinding to a halt during the last few days with the deal set to expire today.

The United Nations and Turkey brokered the Black Sea deal for an initial 120 days last July to help tackle a global food crisis that has been aggravated by Moscow’s invasion of Ukraine, one of the world’s leading grain exporters.

Moscow had initially appeared unwilling to extend the pact unless a list of demands regarding its own agricultural exports was met.

While Russian exports of food and fertilizer are not subject to Western sanctions imposed following the February 2022 invasion of Ukraine, Moscow says restrictions on payments, logistics and insurance have amounted to a barrier to shipments.

However, outstanding issues remain that Russia, Ukraine, Turkey and the U.N. will continue to discuss.

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