Markets & trade

Turkey urges revival of Black Sea Grain Deal

1 September, 2023

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Critical talks in Moscow for food security

 

 

{reg}Turkey's Foreign Minister, Hakan Fidan, stressed the vital importance of resurrecting the Black Sea grain deal during his Moscow visit. He discussed the deal's critical role in global food security with Russian Foreign Minister Sergei Lavrov.

Fidan's visit aimed to prepare for an upcoming summit between Presidents Erdogan and Putin in Sochi next week. Russia had withdrawn from the UN-backed grain agreement, brokered with Turkey's involvement. Both Ukraine and Russia plan to resume grain shipments outside the agreement's framework. Turkey calls for a return to the deal as a foundation for broader peace discussions, hoping it will restore stability.

Moscow's concerns include indirect restrictions on its grain and fertilizer exports and limitations on accessing global payment systems and insurance. Lavrov reiterated Russia's stance that they would consider returning to the deal if their demands were met. Turkey seeks to initiate a process addressing Russia's concerns.

The previous agreement allowed Ukraine to export over 30 million tons of grain and food products, significantly reducing global food prices and alleviating food shortages in regions like Africa and the Middle East following Russia's military operations in Ukraine. Reviving the Black Sea grain deal holds crucial implications for regional and global food security.[/reg]

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