Thursday, February 2, 2023

Global Food Prices To Drop As Ukraine’s Ports To Reopen After Turkey Brokered Grain Deal ‘Agreement’ With Russia

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Moscow and Kyiv will today sign a deal to reopen Ukraine’s Black Sea ports for grain exports, Turkey said, raising hopes that an international food crisis caused by Russia’s invasion could be eased.

Ukraine and Russia, both among the world’s biggest exporters of food, did not immediately confirm Thursday’s announcement by the office of the Turkish presidency. But in a late night video address Ukrainian President Volodymyr Zelensky hinted his country’s Black Sea ports could soon be unblocked.

The blockade by Russia’s Black Sea fleet has reduced supplies to markets around the world and sent grain prices soaring since Russian President Vladimir Putin ordered troops into neighbouring Ukraine on Feb. 24.

The agreement is due to be signed this lunch time, Turkish President Tayyip Erdogan’s office said.

The United Nations and Turkey have been working for two months to broker what Guterres called a “package” deal – to resume Ukraine’s Black Sea grain exports and facilitate Russian grain and fertiliser shipments.

Photo Credit: Getty

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