EMEA News
Russia Withdraws From Black Sea Grain Export Deal
Monday July 17, 2023
Russia has withdrawn from the UN-overseen deal to export Ukrainian grain and agricultural products from the Black Sea.
The agreement has 'essentially stopped', the Financial Times cited Kremlin spokesman Dmitry Peskov as saying on Monday.
The deal allowed the continuation of grain exports via the Black Sea during the war in Ukraine, and was conceived as a means of avoiding the war leading to turmoil in global agricultural markets. A total of 32.9 million mt of food has been exported under the deal since August.
In the bunker market, sources in the Turkish market have reported problems caused by the deal, with an increased need for inspection of bulkers carrying the grain leading to delays.
