Russia has announced that it will suspend its participation in a pact allowing safe Black Sea grain exports from Ukraine. Read the full story here:
Saint-Kitts-and-Nevis-flagged bulker TK Majestic, carrying grain under the UN's Black Sea Grain Initiative, waits in the southern anchorage of the Bosphorus in Istanbul, Turkey. File photo: MEHMET CALISKAN/REUTERS— A pact that has allowed the safe Black Sea export of grain from Ukraine for the past year will expire at the end of Monday after Russia said it will suspend its participation.
Nearly 33-million metric tons of corn, wheat and other grains have been exported by Ukraine under the arrangement. “Unfortunately, the part of these Black Sea agreements concerning Russia has not been implemented so far, so its effect is terminated,” he said. Russia had threatened to quit the pact because it has said its demands to improve its own grain and fertiliser exports have not been met. Russia also has complained that not enough grain has reached poor countries. The UN has argued that the arrangement has benefited those states by helping lower food prices more than 20% globally.
The reaction on the grains market was modest, with US wheat futures up about 3% and European futures up about 2%, a German grains trader said.
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