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HomePoliticsBlack Sea Grain Initiative: Russia Reluctantly Agrees to a Two-Month Extension

Balanced News: Black Sea Grain Initiative: Russia Reluctantly Agrees to a Two-Month Extension

Our 'quick read' news summary

The Black Sea Grain Initiative (BSGI) is a UN-brokered agreement between Russia and Ukraine that facilitates the safe export of grain and other food products from Ukrainian ports via the Black Sea. After four months of being blocked by Russian military vessels, Ukrainian exports to developing countries were severely disrupted. However, after the start of hostilities in Ukraine, exports of grain were severely disrupted and market volatility and price rises ensued. In July 2022, two agreements were signed: one was a memorandum of understanding between the UN and Moscow to facilitate global access for Russia’s food and fertilizer exports; the second was the Black Sea Grain Initiative (BSGI), signed by Russia and Ukraine, facilitating the safe export of grain and other foodstuffs from Ukrainian ports via the Black Sea. The agreement assuaged concerns about global grain supplies and led to price declines. Since last summer, 900 ships of grain and other food products have left Ukrainian ports. The negotiations between UN officials and Russian Federation representatives – headed

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