A crucial agreement facilitating grain export from Ukraine is on the verge of expiring unless Russia consents to an extension. The deal, which has been instrumental in stabilizing global food prices and supporting developing countries reliant on Ukrainian exports, is threatened as the last ship under the Black Sea deal has already departed from the port of Odesa. Turkey and the United Nations initially brokered the deal following the onset of Russia's war on Ukraine in July 2022. - The agreement ensures the safe export of grain from Ukrainian ports, with ships navigating through a safe corridor in the Black Sea under the guidance of Ukrainian pilots.
- The ships then pass through the Bosphorus Strait, a crucial shipping corridor in northwest Turkey, to reach global markets.
- Russia has repeatedly threatened to withdraw from the pact, and its participation is key to the deal's survival.
- Before its third renewal in May, Russia had remained ambiguous about its continued participation in the deal but eventually agreed to a last-minute extension.
Known as the Black Sea Grain Initiative, the agreement reached last July allowed for international shipments of corn, wheat, barley, and other food products from three designated ports in Ukraine, nicknamed the "breadbasket of Europe." - The potential expiration of the deal could have significant implications for global food security; the Food and Agriculture Organization provides more context on global food security here.
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