2 chapters across the catalog
Russia officially terminated the Black Sea grain agreement on July 17, 2023, citing a failure to implement terms favorable to Russian agricultural exports. Kremlin spokesman Dmitry Peskov stated that the deal would only be renewed once Russian demands, including reconnection to the SWIFT payment system, are met. The collapse of the deal has raised concerns about global food prices and wheat supplies to developing nations.
India has banned wheat exports to safeguard its domestic supply, causing global prices to surge by 40%. While Ukraine is a notable producer, it only accounts for 3.7% of global production, trailing behind China, India, Russia, and the United States. The G7 nations have condemned India's decision, warning it could exacerbate a global food crisis that some analysts believe is being artificially amplified.
