Russia and Ukraine agree deal to resume grain exports

Russia and Ukraine reached a deal today that will resume grain exports from Ukrainian Black Sea ports.

The agreement will restore Ukraine’s global grain exports after the war blockaded exports and caused a stoppage, sending food prices surging around the world and causing a global crisis.

“The agreement signed today by Ukraine, the Russian Federation & Türkiye under UN auspices opens a path for commercial food exports from Ukraine in the Black Sea,” said UN Secretary General António Guterres, who was present at the agreement along with Turkey’s president Recep Tayyip Erdoğan.

“It will help avoid a food shortage catastrophe for millions worldwide. It is a beacon of hope, possibility & relief.”

The agreement was signed in Turkey. It took two months to reach and is set to last for 120 days.

Wheat prices fell after the deal was agreed, down almost 5 per cent to about $768 per bushel, pre-war levels. Prices had surged to a record high of more $1,300 per bushel after the war. 

Ukraine is a major exporter of wheat to the world.