by AKANI CHAUKEJOHANNESBURG, (CAJ News) – THE decision by Russia to halt the Black Sea grain deal has sent shockwaves internationally. “Russia’s refusal to renew the Black Sea Grain Deal presents an upside risk to global grain prices,” said Wandile Sihlobo, chief economist at the Agricultural Business Chamber (Agbiz). He said this might undermine the gains enjoyed from the slowing grain prices, specifically in the major importing regions. The United Nations (UN) Secretary General, António Guterres, also regretted Russia’s decision to terminate the implementation of the Black Sea initiative – including the withdrawal of its security guarantees for navigation in the northwestern part of the Black Sea. There is too much at stake in a hungry & hurting world.”Guterres has approached Russian president, Vladimir Putin, to keep the Black Sea Initiative alive.

Source: The North Africa Journal July 18, 2023 09:28 UTC