120-Day Grain Initiative Extension

by Roman Cheplyk
Sunday, March 19, 2023
120-Day Grain Initiative Extension

Extending the export of Ukrainian grain to international consumer markets

During the war, Russia blocked the export of Ukrainian agricultural products from the Black sea ports, which caused a food crisis. In the context of the impending famine, Ukraine, Turkey, and the UN managed to sign grain agreements on the export of Ukrainian grain from 3 ports in the Black sea.

On March 18, 2023, the minister of the infrastructure of Ukraine, Oleksandr Kubrakov, said that after the expiration of the first grain initiative, Ukraine managed to extend it for another 120 days.

"This means that Ukraine continues to export its agricultural products through three deep sea ports. In particular, from August 1 to this day, we sent 25 million tons for the world's needs," Olexandr Kubrakov.

Ukraine is a powerful part of the world's commodity and food market and economy. Therefore, today our state is working on joining the grain initiative of the ports of the Mykolaiv region, as well as increasing the range of goods: metal, minerals, livestock, etc. This will help Ukraine neutralise inflationary threats and, accordingly, social risks in the states-consumers of Ukrainian products.

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