The UN-brokered Black Sea safe passage deal, signed July 22 by Russia, Ukraine and Turkey, enabled the resumption of exports of grains and fertilizers from the three key Ukrainian ports -- Chornomorsk, Odesa and Yuzhny/Pivdennyi -- on the Black Sea coast.
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According to the safe passage agreement, the "initiative will remain in effect for 120 days from the date of signature by all Parties and can be extended automatically for the same period, unless one of the Parties notifies the other of the intent to terminate the initiative, or to modify it."
Previously, Russia said it had suspended its participation in the agreement in late October but has since backtracked, and now market participants are focusing on the Nov. 19 renewal deadline.
The Black Sea Grain Initiative framework has enabled nearly 1,000 inbound and outbound voyages and allowed over 10 million mt of grains and foodstuffs to reach the global markets.
However, almost half of the cargo volume has ended up in high-income countries. Russia has already complained about the fact that most of the flows are not destined for those countries most vulnerable to food insecurity.