Russia officially announces the termination of the grain deal

Published 2023년 7월 18일

Tridge summary

The Black Sea Grain Initiative, which allowed Ukraine and Russia to continue exporting their food products during the war, has been discontinued. This has led to concerns about rising prices of basic commodities globally. The agreement, which expired on July 17, was not renewed by Russia, and this has disrupted the distribution channels of agricultural products, especially for regions like the Middle East and Africa that heavily rely on supplies from these countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Jakarta, CNBC Indonesia - The Black Sea Grain Initiative that allowed Ukraine and Russia to continue exporting their food products amidst the war was discontinued. This has raised global concerns regarding rising prices of basic commodities. The latest agreement from the initiative expires on Monday (17/7/2023). The initiative has not gone ahead due to resistance from Russia, which argued that the agreement currently only supports Ukrainian agricultural products and not exports of Russian fertilizers which are also included in the deal. Hours before the end of the agreement, Russia made clear it would not renew the Black Sea Grain Initiative. "Today is the last day of the Grain deal. When each of the parties to Russia's benefits is fulfilled, Russia will return to the agreement," Kremlin spokesman Dmitry Peskov said on Monday, quoted by CNBC International. Before Russian troops invaded the Ukrainian border at the end of February 2022, Ukraine and Russia were known to be one of the ...

Source: Cnbcindonesia