Moscow pulled out of the United Nations-brokered deal at the weekend after what it called a “terrorist attack” by Ukrainian forces on its Black Sea fleet in Crimea. The country said it could not guarantee the safety of civilian ships crossing the popular trade route after the incident, for which Ukraine has not claimed responsibility. Putin accused of ‘covert’ mobilization – War in Ukraine lately However, after receiving written assurances from Kyiv that it would not use the Black Sea grain corridor for military operations against Russia, Vladimir Putin reversed the decision. “The Russian Federation considers that the guarantees received at this time appear to be sufficient and is resuming the implementation of the agreement,” the defense ministry said as it announced it would resume exports. The deal allows millions of tons of Ukrainian grain to be shipped through blockaded ports and aims to prevent starvation in the poorest countries. Turkey confirmed the news, saying Russian Defense Minister Sergei Shoigu had told his Turkish counterpart that operations would resume from midday on Wednesday. “Grain transfers will continue as agreed before 12 noon today,” Turkish President Tayyip Erdogan said. Use Chrome browser for more accessible video player 2:40 Why Ukraine’s wheat matters How did the markets react? Wheat prices fell 6% when news of the Russian change of heart reached financial markets. It erased gains seen on Monday, when participants were able to react for the first time to Saturday’s news that the Black Sea export deal was off the table. Other commodities, such as corn, also fell in price. The easing of costs is important as it removes some inflationary pressure that would have fueled supply chains had Moscow not backed down. Ukraine calls for ‘tough response’ from world leaders Ships continued to carry Ukrainian grain along the route despite the suspension, but this was unlikely to continue for much longer as insurance companies stopped issuing new policies. Ukrainian President Volodymyr Zelenskyy has called on world leaders to respond decisively to any attempt by Russia to disrupt the export corridor. Read more: Inside the trenches of Ukraine What is the tactical situation in Ukraine? Why Ukraine is different from previous conflicts The route through the Black Sea has been blocked since the beginning of the Russian invasion. As a result, food shortages in many countries have worsened, with Ukraine being one of the world’s largest suppliers of grain. “Russia must clearly realize that it will receive a harsh response from the world to any measures that disrupt our food exports,” Mr Zelensky said in his late-night speech. “At issue here, clearly, are the lives of tens of millions of people.”
