Russian officials repeatedly say there are no grounds for extending the Black Sea Grain Initiative, which is up for its fourth renewal Monday.
The amount of grain leaving Ukraine already has dropped, with Russia accused of slowing joint inspections of ships by Russian, Ukrainian, U.N. and Turkish officials and refusing to allow more vessels to join the initiative.
The U.N. has been negotiating with Russia to stick with the initiative, with spokesman Stephane Dujarric saying Monday that top officials are “doing whatever we can to ensure the continuation of all of the agreements.” While sanctions don’t effect food and fertilizer, Moscow is seeking carveouts from restrictions on the Russian Agricultural Bank, as well as movement on its ammonia, a key ingredient in fertilizer, to a Ukrainian Black Sea port. But the ammonia pipeline has been damaged in the war, the U.N. said.
With less from Ukraine and more from Russia, the world’s available wheat stocks are the same as in 2021 — and there is enough of it to go around, said Peter Meyer, head of grain analytics at S&P Global Commodity Insights.
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