CHRIS GILMOUR: Russia may well be forced into new grain deal
10 August 2023 - 05:00
Just when the global outlook for inflation was looking like it was getting under control, geopolitical tension in Ukraine’s Black Sea ports has erupted again, sending grain prices spiralling upwards and raising fears about a new round of food price inflation worldwide.
The reason is that Russia has refused to renew the Black Sea Grain Initiative (BSGI) brokered by the UN and Turkey in 2022, that allowed Ukrainian grain shipments to pass out of the Black Sea via the Bosphorus and onto world markets...
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