Grain prices will rise due to Russia’s withdrawal from the Grain Agreement
27.07.2023 - 15:35
As a result of Russia’s withdrawal from the Grain Agreement, world grain prices may increase by 15%.
The termination of the Grain Agreement will cause significant pressure on the countries of North Africa, the Middle East and South Asia. Such forecasts were voiced by experts of the International Monetary Fund.
In particular, due to the withdrawal of the Russian Federation from the Grain Initiative, world grain prices may increase by 15%, said the chief economist of the IMF, Pierre-Olivier Gurinchas, Elevatorist reports.
The expert emphasized that the Black Sea Initiative played an important role in supplying the necessary volumes of grain from Ukraine, which had an impact on the food market.
Earlier, the Defence Intelligence of the Ministry of Defence of Ukraine found out that the Russian Federation planned in advance to derail the Grain Agreement. In particular, Russian representatives in the JCC blocked vessel inspections by order of the Kremlin.
