Despite Russia’s withdrawal from the agreement that had permitted the export of Ukrainian agricultural products to international markets, the United Nations, Turkey, and Ukraine pressed forward with its implementation of the Black Sea grain agreement and came to an agreement on a transit plan for Monday for 16 vessels to proceed.
Russia, who pushed Ukraine into war. Feb. 24 shut off shipments from one of the major grain exporters in the world on Saturday, saying it could no longer ‘ensure the safety of civilian ships’ operating under the agreement following an attack on its Black Sea fleet.
The United Nations and Turkey, the two primary brokers of the July agreement, rushed to rescue it on Sunday as a result of the move, which has drawn outrage from Ukraine, NATO, the European Union, and the United States.
According to a spokesperson for Antonio Guterres, the U.N. Secretary-General, he was extremely concerned about Russia’s action and postponed a trip abroad to try and resurrect the agreement that was meant to ease a global food crisis.
Chicago wheat futures increased by more than 5% on Monday as a result of Russia’s action because both Russia and Ukraine are among the biggest wheat producers in the world, according to analysts.
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