After high-stakes talks, the landmark U.N.-brokered Black Sea grain deal is extended to help lower food prices worldwide.
As the deadline for expiration approached, Turkish President Recep Tayyip Erdogan announced a two-month extension of the landmark U.N.-brokered Black Sea grain deal, thanking Russian President Vladimir Putin, Ukrainian President Volodymyr Zelenskyy and U.N. Secretary-General Antonio Guterres — all of whom were directly involved in the last-minute reprieve. and Turkey made the announcement on Wednesday.
"We have some positive and significant developments — confirmation by the Russian Federation to continue its participation in the Black Sea Initiative for another 60 days," Guterres told the press at U.N. headquarters on Wednesday, adding,"the continuation is good news for the world." Saying that"outstanding issues remain," Guterres said that the importance of the Black Sea Initiative and the Memorandum of Understanding between the U.N. and the Russian Federation"is clear."
"Ukrainian and Russian products feed the world," he said, clarifying that the world is"still in the throes of a record-breaking cost-of-living crisis" and saying that since the agreement was signed,"markets have stabilized, volatility has been reduced and we have seen global food prices fall by 20%."
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