{"id":5243,"date":"2023-07-18T10:31:36","date_gmt":"2023-07-18T10:31:36","guid":{"rendered":"https:\/\/www.news25.org\/?p=5243"},"modified":"2023-07-18T10:31:37","modified_gmt":"2023-07-18T10:31:37","slug":"global-food-security-threatened-as-russia-withdraws-from-crucial-grain-export-deal","status":"publish","type":"post","link":"https:\/\/www.news25.org\/global-food-security-threatened-as-russia-withdraws-from-crucial-grain-export-deal\/","title":{"rendered":"Global Food Security Threatened as Russia Withdraws from Crucial Grain Export Deal"},"content":{"rendered":"\n
The world is bracing for a potential food crisis as Russia’s decision to withdraw from a vital grain export deal with Ukraine sends shockwaves through global commodities markets. The collapse of the pact, which facilitated the safe passage of grain shipments from Ukrainian ports, has raised concerns about rising food prices and the increased risk of hunger for millions of people worldwide. The implications of this development extend far beyond the region, impacting global wheat and corn prices and disrupting the stability of food supplies across various countries.<\/p>\n\n\n\n
The Black Sea Grain Initiative, initially brokered by Turkey and the United Nations a year ago, played a crucial role in ensuring the smooth export of nearly 33 million metric tons of food through Ukrainian ports. However, Russia, citing hindrances in its own export capabilities, repeatedly threatened to withdraw from the agreement. Over the weekend, Russian President Vladimir Putin confirmed that the pact would not be renewed, stating that its primary objective of supplying grain to countries in need had not been achieved.<\/p>\n\n\n\n
The repercussions of Russia’s withdrawal from the grain export deal are significant, with wheat and corn futures experiencing immediate price jumps on global commodities markets. Traders fear a looming supply crunch for these staple foods, further exacerbating concerns about food insecurity. Ukraine, a major global exporter of wheat, barley, maize, and rapeseed oil, as well as the largest exporter of sunflower oil, plays a vital role in ensuring stable food supplies to numerous countries.<\/p>\n\n\n\n