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Chair Of Upper House Says 'Impossible' To Extend Grain Deal

RUSSIA

Russian state-run Interfax reporting that Chair of the Federation Council (the upper house of the Russian parl't) Valentina Matviyenko has stated that it is 'impossible' to extend the Black Sea Grain Initiative in a further signal that Russia will not allow the programme to continue beyond 17 July. The cancellation of the deal risks food shortages in the MENA region as well as sustained high food price inflation in Europe as grain supply is constricted.

  • The prospect of the Turkey/UN brokered deal continuing beyond the deadline has waned in recent weeks, with Russia claiming the lack of delivery of ammonia through a pipeline from Russia to the Ukrainian port of Odessa is reason enough to invalidate the agreement.
  • Matviyenko also states that "Russia is ready for peace talks with Ukraine on realistic terms, but today there are no prerequisites for this,"
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EM BulletHomepagemarkets-real-timePolitical Market NewsPolitical RiskCommoditiesPolitical Risk BulletBulletEmerging Market News

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