Russia has suspended a wartime deal designed to move grain from Ukraine to parts of the world where millions are going hungry. Here's a look at the crucial accord and what it means for the world.
LONDON - Russia has suspended a wartime deal designed to move grain from Ukraine to parts of the world where millions are going hungry.
Both countries are major suppliers of wheat, barley, sunflower oil and other affordable food products that Africa, the Middle East and parts of Asia rely on. Ukraine is also a huge exporter of corn, and Russia of fertilizer - other critical parts of the food chain. No new ships have joined the initiative since June 27, and Ukraine blames Moscow. The last vessel left Ukraine on Sunday.The deal helped bring down global prices of food commodities like wheat that hit record highs after Russia invaded Ukraine.
Some companies have been wary of doing business with Russia because of sanctions, but Western allies have made assurances that food and fertilizer are exempt. U.N. Secretary-General Antonio Guterres sent a letter to Russian President Vladimir Putin last week proposing to ease transactions through the agricultural bank, a spokesperson said.
While global prices for grain may stabilize, countries that depend on imported food, from Lebanon to Egypt, may see their costs rise for a while if they need to find suppliers that are farther away, analysts say. Nonetheless, the Ukrainian Grain Association wants to send more grain through the Danube River to neighboring Romania's Black Sea ports, saying it's possible to double monthly exports along that route to 4 million metric tons.
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