The UN opened negotiations with russia regarding the Black Sea Initiative

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The grain agreement between Ukraine, Turkey, russia and the UN can be extended for another 120 days. The preliminary term of the Agreement expires on March 18.

Today, March 13, negotiations between UN officials and the russian delegation began in Geneva. The parties are discussing a possible extension of the Black Sea Initiative, Reuters reports.

Earlier, the russians insisted that they would agree to extend the agreement only if the US and the EU lifted sanctions. In particular, it is about the payment, logistics and insurance industries of russian federation.

The agreement, which was extended for 120 days in November, ends on March 18. Initially, it was planned that the negotiations would last only one day, but they could be extended if necessary, two sources involved in the negotiations told the publication at once.

The excitement surrounding the negotiations has already led to a drop in wheat and corn prices. Thus, wheat prices on the Chicago Stock Exchange fell by 0.9% (to 6.73-3/4 dollars per bushel). Corn futures fell 1% to $6.11-1/4 a bushel.

Source: usm