Russia Resumes Letting Grain Out of Ukraine

Nov. 2, 2022
Wheat prices fall immediately following the announcement.

Russia says it will now honor an agreement to let Ukrainian ships laden with grain and other foodstuffs leave Black Sea ports.

Russia had previously declared that it was backing out of the deal, which had been brokered in July by the United Nations and other parties. The pretext was that Ukraine had launched “a terrorist attack” on the port of Sevastopol. The announcement came on Oct. 29, but on Nov. 1, several grain-laden ships left Ukrainian ports, headed for Istanbul, and the Russians did not interfere.

The Russian Ministry of Defense announced in a statement issued Nov. 2 that the agreement has been reinstated. “The Russian Federation considers that the guarantees received at the moment seem sufficient and resumes the implementation of the initiative for the safe transportation of grain and food from the ports of Ukraine, suspended after the terrorist attack in Sevastopol,” the statement said in part.

Global officials had worried that shutting off Ukraine’s grain exports could have dire effects, especially for nations in the developing world that import much of their grain from Ukraine. Wheat futures prices, which had jumped 5.5% on the news of Russia’s resumption of the blockade, fell 6.3% on Nov. 2.

About the Author

Pan Demetrakakes | Senior Editor

Pan has written about the food and beverage industry for more than 25 years. His areas of coverage have included formulations, processing, packaging, marketing and retailing. Pan worked for Food Processing Magazine for six years in the 1990s, where he was operations editor (his current role), touring dozens of food plants of every description. He has also worked for Packaging and Food & Beverage Packaging magazines, the latter as chief editor, during which he won three ASBPE awards. He is a graduate of Stanford University with a BA in communications.

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