The United Nations (UN) and Turkey fought on Sunday to rescue a deal that allowed Ukraine to ship grain across the Black Sea, a day after Russia suspended the deal in a move that threatens global food prices. and pressures Ukraine’s allies.
UN Secretary-General António Guterres worked today to end the Russian suspension, a UN spokesperson said, and the Turkish Defense Ministry said it was in talks with Russia to rescue the deal. No ships left Ukraine on Sunday, but officials from Turkey, Ukraine and the UN agreed on a plan for 14 ships to transit the Black Sea tomorrow, the UN said.
Russia’s decision threatens to drive up the cost of food globally, putting economic pressure on Ukraine’s western allies as well as Middle Eastern and Asian countries that are highly dependent on its exports.
This could deepen a global hunger crisis in which tens of millions of people around the world have been pushed closer to starvation. The suspension of the deal effectively reimposes a total blockade of Ukraine’s ports, increasing Russia’s use of food as a weapon to pressure Ukrainian allies to cease their support for Ukraine or risk threatening global food supplies.
“This is an absolutely deliberate blockade by Russia. This is an absolutely transparent intention by Russia to return the threat of large-scale famine to Africa and Asia,” Ukrainian President Volodymyr Zelensky said in his nightly address to the nation on Saturday.
The Russian government said its decision to suspend participation in the deal was in response to an attack on a naval base in Sevastopol, in occupied Crimea. “Russia cannot provide security guarantees for civil dry cargo ships participating in the ‘Black Sea Grain Initiative’ and suspends its implementation from today and for an indefinite period,” the Russian Foreign Ministry said in a statement. communicated on Saturday.
Ukraine’s Black Sea ports are one of the world’s most important routes for the export of wheat, corn and other products. Before the war, more than 95% of the country’s agricultural products were exported through Black Sea ports. This dropped to zero after the invasion. Wheat prices rose 46% and corn 11% in their immediate aftermath.
Grain traders anticipate another jump in prices when markets open on Monday. “Russia is using food as a weapon once again,” said Elena Neroba, manager of Maxigrain, a Ukrainian grain brokerage. “I expect prices in Chicago and Paris markets to go up on Monday.”
Andrey Sizov, Russian grain analyst at SovEcon, said movements in the grain market could be particularly strong because many funds will have to buy in the market on Monday to cover their positions. Analysts expect a particularly strong reaction for corn, as Europe’s crop of this animal feed this season was the lowest in 15 years.
Moscow’s move comes at a critical stage in the war, as Ukrainian forces are managing to reverse Russian occupation of eastern Ukraine. Ukrainian and Western officials say Russia is using food as a way to pressure other countries to stop sending weapons, supplies and funds to Ukraine. Russia has also cut off natural gas supplies to Europe in what Western officials and analysts say is part of a strategy to increase economic pressure on the West. Source: Dow Jones Newswires.
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