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Grain deal between Ukraine and Russia extended for four months at the last minute | Economy

The grain deal between Ukraine and Russia, which was due to expire today, has been extended at the last minute. It is an extension of 120 days, says Ukrainian Minister Oleksandr Kubrakov (Infrastructure) on Saturday. The extension took a long time to come, because the countries could not agree on the duration.

The deal, which allowed Ukrainian grain and other agricultural products to be transported through the Black Sea again, was closed in July last year. Before then, Ukraine could not export grain for months after the invasion by Russia.

Ukraine is one of the largest grain exporters in the world, so the sudden stop had major consequences. Food shortages in poor countries increased, while prices of grain, among other things, rose worldwide.

Earlier in the day, the grain deal appeared to be coming to an end. Russia and Ukraine were diametrically opposed to each other in talks about the duration of a possible extension. The Ukrainians wanted an extension of 120 days, while the Russians did not want to go beyond 60 days.

Ukrainian minister Kubrakov is grateful to the United Nations and Turkey for their mediation. “Thanks to our joint efforts, 25 million tons of Ukrainian grain can find its way to the world market,” he writes on Twitter.

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