A UN deal allowing exports of Ukrainian grain from the Black Sea will be extended, reports Bloomberg
A UN deal allowing exports of Ukrainian grain from the Black Sea will be extended, reports Bloomberg. Ukraine infrastructure minister Oleksandr Kubrakov declared that the accord was reached in Istanbul to renew the accord for 120 days.
Russia confirmed the deal will be prolonged without any changes.
It will keep crop shipments flowing from one of the world's biggest grain and oilseed shippers.
Chicago wheat futures fell two per cent on the news, and corn and soybean oil retreated.
Ukraine still wants the deal extended by a whole year, with one more port added to the accord.
The original pact from July revived seaborne exports from Ukraine after Russia blockaded the country's ports following its invasion.
Ukraine has shipped 11 million tons of crops through the Black Sea since the deal came into force. Still, Russia's invasion has hampered its harvests and infrastructure.
Russian President Vladimir Putin complained that the deal didn't do enough to ease exports of Russian grains and fertilisers.
The UN declared it is 'fully committed to removing the remaining obstacles to exporting food and fertilisers from the Russian Federation'.
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