July 22, 2022 11:22 GMT
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Russian Defence Minister Sergei Shoigu, as well as the Ukrainian Infrastructure Minister Oleksandr Kubrakov, have arrived in Istanbul, Turkey to sign a deal on facilitating grain exports from Ukrainian ports to ease global food supply shortages.
- Adviser to Ukrainian President Volodymyr Zelenskyy states that Ukraine will not sign any agrrements directly with Russia. Instead, both nations will sign parallel deals regarding grain exports with the United Nations.
- Business Insider reports the deal has seen wheat prices decline notably: "US wheat futures dropped almost 3% [on Friday] to a five-month low of $786 per bushel, meaning the price has unwound almost all of its "war gains." Russia invaded Ukraine in late February, triggering a 70% surge in the price of wheat to a record high of over $1,300 in the two weeks that followed. The two countries together account for a quarter of the world's wheat exports. "