LONDON — Russia has announced the suspension of the Black Sea Grain Initiative, a wartime deal that allowed grain shipments from Ukraine to countries in Africa, the Middle East, and Asia. The decision comes as a response to Russia’s demands to ensure the export of Russian food and fertilizer to other nations. The recent attack on a bridge connecting the Crimean Peninsula to Russia was not a factor in the decision, according to Kremlin spokesman Dmitry Peskov. While Russia has complained about shipping and insurance restrictions affecting its agricultural exports, it has still managed to ship record amounts of wheat. The suspension of the Black Sea Grain Initiative marks the end of an accord brokered by the UN and Turkey last summer, which aimed to address the global food crisis exacerbated by Russia’s invasion of Ukraine and lift the soaring prices of wheat and other food commodities. The move has caused a 3% increase in wheat prices in Chicago trading. Analysts predict that the impact on global food staples will be minimal, as countries like Russia and Brazil have increased their exports of wheat and corn. However, food insecurity remains a concern, particularly in developing countries facing climate change, conflict, and economic crises. The termination of the deal may also lead to higher costs as alternative suppliers farther away from Ukraine are sought.
Russia blocks crucial agreement enabling Ukraine to export grain amidst increasing hunger
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