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Ukraine plans to request an extension of the Black Sea grain initiative from Turkey and the United Nations this week, which was initially brokered last summer to facilitate grain exports from three ports. The deal, first extended in November, will expire in mid-March unless renewed. Ukraine is seeking a one-year extension for more supply certainty and stability in agricultural markets. Additionally, the country wants an increase in vessel inspection teams to prevent backlogs, as it has accused Russia of delaying inspections, which Russia denies, claiming compliance with the agreement. Ukraine, a major global grain supplier, has experienced over a 25% drop in exports due to smaller harvests and logistical issues stemming from the Russian invasion.
