Erdogan-Black Sea Grain Deal Extended For 60 Days

Turkish President Recep Tayyip Erdogan has stated that following talks between parties to the Black Sea Grain Initiative, the agreement has been extended by 60 days. Erodgan states that the agreement is a 'win for food security'. Russia had been threatening to pull the plug on the deal, which had an extension deadline set for 18 May, due to complaints about the halting of a pipeline supplying Russian ammonia to a Ukrainian Black Sea port.

• The extension of the deal will avoid a major spike in global food prices that could have emerged if supply were cut off. This would have had particularly disastrous effects in MENA nations heavily reliant on cheap Black Sea grain, with inflation spiking and a risk of social unrest.
• Erdogan: "We will continue our efforts to ensure that all the conditions of the agreement are fulfilled and that it will continue in the future. In addition, our Russian friends have informed us that they will not prevent the exit of Turkish ships in the ports of Mykolaiv and Olvia. And for that, we are grateful to them. We hope that we will also see the day when the war between Russia and Ukraine will first end in a permanent ceasefire and then in peace. [...] I hope that this decision, which is of vital importance for the uninterrupted functioning of global food supply chains and especially for facilitating the access of needy countries to grain, will be beneficial to all parties."