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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
Only 12 hours after the signing of an agreement on Ukrainian grain exports, Russia launched a missile strike on Odesa, a key port for grain exports, leading to concerns over whether insurers will offer coverage for grain export ships transiting the Black Sea. However, the joint coordination center in Istanbul operated by Turkey, the UN, Russia, and Ukraine to assist with grain exports opened on Monday, and Ukraine said work had started on preparing three ports (Chornomorsk, Odesa, and Pivdennyi ) to resume grain exports; about 25 million tonnes of grain are currently stranded in Ukraine. The World Food Programme stated it is “optimistic” that the agreement “could lead to improvements in global food prices,” particularly in countries dependent on Ukrainian and Russian grain.
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