With a statement made by Kremlin Spokesperson Dmitry Peskov today, it was announced that Russia has ended its participation in the Black Sea Grain Agreement. The Russian Ministry of Foreign Affairs informed Turkey, Ukraine and the United Nations that the Grain Agreement will not be extended.
The Grain Agreement entered into force in July 2022 under the leadership of the UN and Turkey and aimed to prevent the war in Ukraine from causing a global food crisis. However, the Kremlin stated that the conditions for the extension of the agreement have not been met for months.
In the statement made by the Kremlin, it was emphasized that the termination of the Grain Agreement was not related to the attack on the Crimean Bridge. In the same statement, it was reminded that the decision to terminate the agreement was taken by Russian President Vladimir Putin before the Crimean Bridge attack. After the agreement was terminated, wheat prices in the spot market started to rise.
The Black Sea Grain Agreement was an agreement aimed at regulating grain exports in the region and ensuring grain supply in crisis situations. The end of Russian participation could lead to uncertainty about the future of the agreement and its implications for grain trade in the region. This development is seen by experts as an event that should be followed closely in terms of the agricultural sector in the region and global food security.
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