Ukraina Russia Ink Agreements to Relieve Global Food Crises

Story Highlights
  • Ukraine and Russia sign deal to ease globl food crises.
  • The deal was signed in Istanbul, Turkey.
  • The deal would ease curbs on the containers stranded in the Black Sea.

The United Nations Secretary-General on Friday announced a breakthrough between the Russian Federation and Ukraine to help tackle the global food crisis.”Today, there is a beacon on the Black Sea,” said Secretary-General António Guterres. “A beacon of hope – a beacon of possibility – a beacon of relief — in a world that needs it more than ever.”

The statement by the UN Chief came after nations at war Russia and Ukraine inked agreements in Istanbul to facilitate unimpeded access to food and fertilizer from Russia along with export of Ukraine food from the Black Sea. The worlds key bread basket- Ukraine will be able to export 22 million tons of grain and other agricultural products that have been stuck in Black Sea ports due to Russia’s invasion. Following the deal the wheat prices tumbled to levels last seen before Russia’s invasion.

The shipment of grain and food stocks into world markets will help bridge the global food supply gap and reduce pressure on record-level prices, Mr. Guterres said.

Immediately welcoming the agreement EU foreign policy chief Josep Borrell said- This is a critical step forward in efforts to overcome the global food insecurity caused by Russia’s aggression against Ukraine.

Although international sanctions against Russia did not target food exports, the war has disrupted shipments of Russian products because shipping and insurance companies did not want to deal with Russia.

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