By MasOceans

Grain corridor axed

On 17th July 2023, Russia axed the grain corridor.

“I deeply regret the decision by the Russian Federation to terminate the implementation of the Black Sea Initiative – including the withdrawal of Russian security guarantees for navigation in the northwestern part of the Black Sea.” – UN Secretary-General António Guterres.

📆 On 17th July 2023 Russia pulled out of the Black Sea Initiative and grain prices surged in response.

🚢Over 30 million tons of grains and foodstuffs have been exported since the corridor opened a year ago.

⚓Shipments were made from the ports of Odesa, Chornomorsk and Yuzhny/Pivdennyi.

🌍Exports went to 45 countries: 46% to Asia, 40% to Western Europe, 12% to Africa and 1% to Eastern Europe.*

🌾Commodities: corn (51%), wheat (27%), sunflower meal (6%), sunflower oil (5%), barley (4%), rapeseed (3%), and others (4%).*

⚠ Russia has briefly suspended the deal previously and there are suggestions that the current move to quit the initiative could be temporary.

❓But what if it is long-term, how can grains be exported? Commodities can be rerouted across land to ports in neighbouring countries – a more costly and lengthy route.

* Source: Office of the UN Coordinator for the Black Sea Grain Initiative

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