As of today, the Black Sea Grain Agreement has expired due to Russia’s rejection.
Exports through the Black Sea are not impossible, but safety for ships is not guaranteed.
Russia has withdrawn its guarantee of safety for ships in the Black Sea.
It also announced that it was disbanding the Joint Coordination Center in Istanbul, which had been managing grain exports.
This immediately sent international grain prices into a tailspin.
Shortly after the announcement of the end of the agreement, wheat futures prices rose 3 percent, and corn and soybeans also rose more than 1 percent.
[John Kirby/White House National Security Council Strategic Communications Coordinator: “In fact, we are seeing wheat, corn, and soybean prices spike this very day. We urge the Russian government to reverse its decision immediately.”]
Given that Ukrainian grain is largely exported to Africa and elsewhere, there are concerns that it will add to food shortages in underdeveloped countries.
In May of last year, prior to the signing of the grain agreement, international grain prices hit a record high, and world inflation skyrocketed.
Ukraine has stated that it will continue to export grain regardless of Russia’s declaration.
[Volodymyr Zelensky/Ukrainian President: “The Black Sea Grain Agreement should continue to work even without Russia – it is an agreement with Turkiev and the United Nations, and it is still valid.”]
Meanwhile, Russia launched a massive airstrike on Ukraine in the early hours of the 18th local time.
Using drones and ballistic missiles, 카지노사이트넷 the southeastern regions of the country, including Odessa and Donetsk, were attacked, according to the Ukrainian military.
The Russian Defense Ministry says the airstrikes are in retaliation for yesterday’s explosion on the Crimea Bridge.