Russia is threatening to pull the plug on the Black Sea Grain Initiative on May 18, blocking Ukrainian seaborne exports of corn and wheat. The number of Black Sea transits from Ukraine has fallen even before a decision on extending the corridor agreement. Starting last August, it began exporting grains — primarily corn — via the Black Sea corridor. A total of 764 dry bulk vessels carrying 27.8 million tons of grain have departed Ukraine since the beginning of the Black Sea Grain Initiative. If it blocks the Black Sea Grain Initiative, it could sell even more wheat at Ukraine’s expense.

Source: The North Africa Journal May 06, 2023 16:05 UTC