The extension of the grain deal in the Black Sea between Russia and the West faltered – Al-Nasr Newspaper
The grain deal in the Black Sea faces new challenges after negotiations between Russia and the West on extending the agreement faltered. The Kremlin has accused the West of not sticking to its side of the agreement, which poses a new challenge to agricultural stability in the region.
The Kremlin: The West has failed to fulfill the terms of the Black Sea Grain Agreement
According to statements by the Russian presidential spokesman, talks between the various parties are continuing, but without any results. The agreement was extended for two months last March, but the terms of the agreement relating to the Russian agricultural sector were not met.
The consequences of defaulting
This problem poses a challenge to agricultural stability in the region, as poor countries depend on Ukrainian grain as their main source of food. Russia is calling on Western countries to lift bans on Russian grain and fertilizer exports, while Moscow wants to remove insurance restrictions on agricultural shipments and reopen port access for Russian ships and goods.
The impact of the issue on the global economy
This problem poses a challenge to the global economy, as the Black Sea grain deal accounts for a large portion of global agricultural exports. It is estimated that the failure of this deal may lead to a rise in grain prices in the global markets.
After the extension of the Black Sea grain deal, the two different parties continue negotiations, but they have not reached any results yet. The Kremlin has declared its caution against shrinking the extension window, stressing that the conditions of the agreement related to the Russian agricultural sector have not been met. According to Ukrainian sources, the two sides will meet on Wednesday with the aim of reaching tangible results.
It is noteworthy that this historic agreement was reached with the mediation of the United Nations and Turkey last July, and allows for the safe export of Ukrainian grain through the Black Sea, with the aim of saving poor countries suffering from food crises. Despite this, the agreement calls on Western countries to lift the ban on Russian grain and fertilizer exports, which has not yet been achieved.
For its part, Russia demanded that the Russian Agricultural Bank be allowed to return to the SWIFT international payment system to facilitate the purchase of imported agricultural machinery. It also wants to remove insurance restrictions on agricultural shipments, reopen access to ports for Russian ships and goods, and unblock Russian fertilizer companies.
Therefore, it seems that matters have not been resolved yet, and the two sides will have to make some concessions in order to reach a solution that satisfies everyone