(3 minutes read)
The United Nations (UN) stressed full commitment to the Black Sea Grain Initiative as Russia offered a 60-day extension of the deadline. The proposed extension is half the number of days agreed upon in November. The discussions on the initiative which allows exports of Ukrainian grain through the Black Sea come before it expires this weekend.
Although Russia extended the deadline, concerns about global food safety remain. Experts say that the step stabilized global prices but accessibility to food still is challenging. Another concern even in the global markets is the continued presence of export restrictions. The number of restrictions has been at a high level, comparable to the food crises of 2007-08. Russia and Ukraine are key cereal crops and oil exporters to different parts of the world including Africa. The Black Sea Grain Initiative is an UN-backed deal, which is also endorsed by Turkey. It includes a Memorandum of Understanding between Russia and the UN to ease fertiliser exports.
Read Also:
Russia Ukraine war to escalate global food grain and edible oil supply: UN
ECOWAS chairman in Moscow: urges immediate end of Russia-Ukraine war
The UN sources said that since last July, it has allowed the export of 24 million metric tonnes of grain, with 55% of food exports going to developing countries.
