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Russia Expected to Extend the Black Sea Grain Deal

Russia will likely extend the United Nations-brokered deal allowing exports of grain and other farm products from Ukraine.

This news comes as officials have said missiles that landed in Poland, killing two people, on Tuesday did not come from Russia. That news sent grain markets soaring late on Tuesday.

Four people tell Bloomberg that the deal expires on November 19 and that Russia will likely allow the deal to renew. Just ahead of the expiration, United Nations’ leadership and Russian officials met on the sidelines of the G20 summit.

Reuters says the two sides had a lengthy discussion and talked through all the aspects related to facilitating Russian exports of food and fertilizers, as well as the Black Sea Initiative. The accord helped stave off a global food crisis by allowing food and fertilizer exports from several of Ukraine’s Black Sea ports.

Russia wants unhindered access to world markets for its own food and fertilizer exports in return for agreeing to continue the Black Sea export deal. Moscow says it could quit the deal if progress isn’t made on its concerns.

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