War in Ukraine: grain export deal extended

War in Ukraine: grain export deal extended

War in Ukraine grain export deal

The Black Sea Grain Initiative, signed in July 2022 by Kiev, Moscow and Ankara, with the help of the UN, has alleviated the global food crisis caused by the war, by allowing the export of almost 25 million tons of corn, wheat and other cereals produced in Ukraine. According to its initial terms, the agreement was to be “automatically extended for the same period [de 120 jours, ndlr]unless one of the parties notifies the other of its intention to terminate or modify it.. It had actually been extended for the first time by 120 days in November, until Saturday March 18 at midnight.

But on March 13, Russia, unhappy with the application of a second agreement to facilitate its own fertilizer exports, announced that it only accepted a 60-day extension. Since then, the UN has done everything possible to save this mechanism which helped to calm the soaring prices, which have shaken the world economy since the invasion of Ukraine on February 24, 2022.

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