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Russia has suspended its participation in the grain deal


July, 17 2023
watermark Economic news

The press secretary of the President of Russia Dmitry Peskov confirmed that the grain deal was actually suspended, as Russia is still waiting for its conditions to be fulfilled. 


The agreement on the export of grain from the Black Sea ports was signed on July 22, 2022 between Ukraine, Russia, Turkey and the UN. This grain deal expires today, July 17. 


The second part of the agreement is a memorandum between Russia and the UN on lifting restrictions on the export of Russian agricultural products.


When asked whether the undermining of the Crimean Bridge section could affect Russia's position on the extension of the grain deal, Peskov replied: «These are unrelated things. Before the attack, the position was stated by Putin. If they fulfill our conditions, we will return to implementation.»


On the news of Russia's withdrawal from the Black Sea Initiative, wheat futures rose by 4.24% on the Chicago Mercantile Exchange.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.