Ukraine’s Ports Will Reopen, Will This Change Energy Prices?
According to Turkey, Russia and Ukraine will reach a deal on Friday to resume grain shipments from Ukraine’s Black Sea ports, easing concerns about a global food crisis brought on by Russia’s invasion.
Russia and Ukraine, two of the biggest food exporters in the world, did not immediately corroborate the assertion made by the Turkish presidency office on Thursday. However, Ukrainian President Volodymyr Zelensky suggested that the country would open its Black Sea ports soon in a late-night video message.
The agreement’s complete contents weren’t immediately public. According to a U.N. official, Secretary-General Antonio Guterres was traveling to Turkey. According to the office of Turkish President Tayyip Erdogan, the agreement was slated to be signed on Friday at 13:30 GMT. Zelensky stated in his speech that tomorrow they also await news about their state from Turkey – with the unblocking of the Ukraine ports.
Russian Economy Under Sanctions
Moscow has rejected claims that it is to blame for the escalating food crisis. It cited the Western sanctions’ chilling impact on its food and fertilizer shipments and Ukraine’s exploitation of its Black Sea ports. Ned Price, a spokesman for the U.S. State Department, said that Washington would concentrate on making Moscow responsible for upholding the accord.
As part of what Guterres referred to as a “package” accord, the U.N. and Turkey have been coordinating for the past two months to begin grain exports from Ukraine to the Black Sea and enable grain and fertilizer shipments from Russia.
On Thursday, Russia warned that the most recent round of E.U. sanctions would have “devastating effects” on global security and some sectors of the economy. Maria Zakharova, a spokeswoman for the foreign ministry, said in a statement that the 27-nation bloc planned to relax certain previous restrictions to protect global food security. Moscow hoped that this would foster the free export of grain and fertilizers. On Thursday, Zelenskiy met with top commanders to discuss supplying more weaponry and stepping up the attacks on Russians.
