Russia resumed its blockade of grain shipments exiting Ukraine on Sunday after announcing the country is pulling out of the grain deal brokered, in part, by the United Nations.
The Hagstrom Report says the amount of grain available for global markets and possible price increases are concerns getting raised around the world.
Russia pulled out of the deal because it says Ukraine staged a significant drone attack over the weekend against Russia’s Black Sea Fleet which is off the coast of Crimea. Ukraine says the attack didn’t happen, and Russia simply mishandled its own weapons.
The U.N. and officials from Turkey were trying to convince Russia to bring back the deal it agreed to earlier this year. The European Union’s foreign policy chief says Russia’s decision puts the much-needed exports of grain and fertilizers to address the global food crisis at risk.
Source: NAFB News Service.