Ukraine updates: Russia agrees to extend grain deal for 60 days
Russia has agreed to extend the Black Sea grain deal for another 60 days, after previously suggesting it could block the extension.
The deal, brokered by the UN and Turkey, was first signed by Russia and Ukraine in July last year, allowing Ukrainian agricultural products to be transported across the Black Sea and onto the global market.
It was extended for 120 days in November. Monday’s extension, just days before the March 18 deadline, was only half of that.
Russian Deputy Foreign Minister Sergey Vershinin said after talks with the UN that his country “does not oppose another extension of the ‘Black Sea Initiative’ after his second term expires on March 18, but only for 60 days”.
Ukraine’s Infrastructure Minister Oleksandr Kubrakov said the 60-day extension “contradicts the document signed by Turkey and the UN”, but accepted it anyway, adding that “we are waiting for the official position of the UN and Turkey as guarantors of the initiative”.
So far, around 24.1 million tonnes have been exported as part of the “Black Sea Grains Initiative”, according to the UN.
Moscow has already complained that while the deal guarantees the export of Russian agricultural products, sanctions on other sectors, such as banking, have hurt Russian trade.
“Our future position will be determined by tangible progress in normalizing our agricultural exports, not [in] words, but in deeds,” said Vershinin.
“It includes bank payments, transport logistics, insurance, ‘unfreezing’ of financial activities and ammonia supplies through the Tolyatti-Odessa pipeline,” he added.
Russia has also said that Ukrainian products are mostly going to richer countries, something it believes goes against the aim of the deal.
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.