Black Sea grain deal slow to get moving after extension

A deal allowing the safe wartime export of grain and fertilizer from Ukrainian Black Sea ports has not yet resumed full operations, the United Nations said on Friday (05.26.2023), having come to a halt before Russia’s decision last week to extend it.

The U.N. said on Friday, May 26, that the Black Sea deal also provides for the exports of fertilizer, including ammonia, but “there have been no such exports so far.”

Under the Black Sea grain export agreement a Joint Coordination Centre (JCC) in Istanbul – made up of officials from the Ukraine, Russia, Turkey and the U.N. – authorizes ships and conducts inbound and outbound inspections of the vessels.

“According to information shared by the Ukrainian delegation with the parties at the JCC, there are 54 vessels waiting to move to Ukrainian ports. Out of these, 11 applications have been shared with the JCC for registration,” the U.N. said.

Russia signaled on Thursday that if demands to improve its grain and fertilizer exports are not met then it will not extend the deal beyond July 17. It made the same threat and demands in March, before agreeing last week to renew it for 60 days.

Source: Nasdaq

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