Turkey Revives Efforts to Restore Black Sea Grain Corridor Agreement

Turkey is stepping up efforts to revive the Black Sea grain corridor agreement between Russia and Ukraine, which was suspended in July 2023.

The agreement allowed for the export of Russian and Ukrainian grain through Turkey's ports, but Moscow pulled out due to non-fulfillment of the second part of the deal, related to the resumption of Russian exports.

Turkish authorities are maintaining diplomatic contacts with both Russia and Ukraine to resolve the issue, which has led to a significant increase in grain prices. According to Kazim Taiji, President of the Turkish Grain Exporters Association, the absence of grain supplies from Russia and Ukraine has already caused prices to rise by 4-4.5%.

If the problem is not solved within two months, Taiji warned that prices may exceed 10%. The Istanbul agreement in July 2022 allowed for the export of agricultural products through Turkey's ports, but its suspension has had a significant impact on global grain supplies, which are provided by Russia and Ukraine to the tune of 40%.