Black Sea grain deal has done nothing for Russia – industry body


April 24 (Reuters) – The head of the Russian Grain Union said on Monday the Black Sea grain deal to facilitate Ukrainian agricultural exports had not yielded anything positive for Russia or helped facilitate supplies to the global market.

Russia has repeatedly criticized the initiative – brokered last July by Turkey and the United Nations – and said it would not be extended beyond May 18 unless a list of demands are met.

Moscow wants the West to remove obstacles to the export of Russian grain and fertiliser, including the reconnection of Russian Agricultural Bank (Rosselkhozbank) to the SWIFT payment system.

Other demands include the resumption of supplies of agricultural machinery and parts, lifting restrictions on insurance and reinsurance, the resumption of the Togliatti-Odesa ammonia pipeline and the unblocking of assets and the accounts of Russian companies involved in food and fertiliser exports.

The agreement created a protected transit corridor to enable exports to resume from three ports in Ukraine, a major producer of grains and oilseeds.

Under the pact, Ukraine has been able to export some 28.8 million tonnes of agricultural products, including 14.6 million tonnes of corn and 7.8 million tonnes of wheat, according to U.N. data.

U.N. Secretary-General Antonio Guterres on Monday urged the continued implementation of the deal and a related pact in which the United Nations pledged to help facilitate Russia’s own grain and fertilizer exports.

“They clearly demonstrate that such cooperation is essential to creating greater security and prosperity for all,” he said at a meeting chaired by Russia’s Foreign Minister Sergei Lavrov.

Reporting by Olga Popova; Writing by Jake Cordell; Editing by Mark Trevelyan


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Read More:Black Sea grain deal has done nothing for Russia – industry body

2023-04-24 20:41:00

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