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Russian Foreign Ministry: No Basis For Renewing Grain Deal

WHEAT

Comments from the Russian Foreign Ministry hitting wires stating that there is, "no basis for renewing the [Black Sea] grain deal" ahead of a July 18 expiration date.

  • According to Interfax, the Russian MFA says Russia is, "doing everything so that all ships covered by grain deal can leave Black Sea before deal expires," but has made repeated threats to torpedo an extension of the initiation, claiming the terms are favourable to Ukraine.
  • The UK Representative to the UN, Barbara Woodward, said yesterday that Russia "plays brinkmanship" with global grain supplies every time the deal is up for renewal, adding she is, "not confident about its renewal."
  • The Financial Times reported yesterday that the EU is considering a Russian proposal to salvage the deal whcih would allow the sanctioned Russian Agricultural Bank to create a new entity to reconnect with the global Swift financial messaging system in order to process payments related to grain exports.
  • Two EU sources told FT that the idea was seen by its supporters as “the least worst option” to secure Vladimir Putin’s support for an extension.

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