Russia Challenged On Grain Shipping

Criticism of Russian grain export policies grew this week. During opening debate at the 78th General Assembly of the United Nations, Ukrainian President Volodymyr Zelensky defended his country’s attempts at maintaining port access to the Black Sea, which allows Ukrainian grain to be exported to global markets. 

President Volodymyr Zelensky, Ukraine: “The Ukrainian ports in the Back and Azov Seas have been blocked by Russia. And it is a clear Russia's attempt to weaponize the food shortage on the global market in exchange for recognition for some, if not all, of the captured territories. Russia is launching the food prices as weapons.” 

Russia did not renew the Black Sea Grain Initiative in July, and the pace of grain exports leaving the Black Sea has slowed. Concern about food insecurity in developing nations has grown as a result of Russia’s actions. Around 10 percent of the world’s population is food insecure.

(Translated from French) Catherine Colonna, French Foreign Minister:  “The challenges that should bring us together here and elsewhere, are used as geopolitical arms. The energy weapon, you know it, has been used, and now is the food weapon that Russia exploits in a completely unscrupulous blackmail.”

Secretary Janet Yellen, U.S. Treasury: “Hunger and poor nutrition undermines health and educational outcomes and well-being. Food insecurity also has economy-wide impacts, contributing to lower productivity that holds back economic growth.”

For Market to Market, I’m Peter Tubbs