G7 Leaders Welcome Extension Of Black Sea Grain Initiative

G7 Leaders Welcome Extension of Black Sea Grain Initiative

The G7 leaders have welcomed on Friday the extension and expansion of the Black Sea Grain Initiative, and called on Russia to allow the grain deal to operate at its maximum potential, according to a joint statement

MOSCOW (UrduPoint News / Sputnik - 19th May, 2023) The G7 leaders have welcomed on Friday the extension and expansion of the Black Sea Grain Initiative, and called on Russia to allow the grain deal to operate at its maximum potential, according to a joint statement.

"We will continue to support the export of Ukrainian agri-products including through the EU-Ukraine Solidarity Lanes. In this regard, we support the expansion and extension of the Black Sea Grain Initiative (BSGI) and we call upon Russia to stop threatening global food supplies and allow the BSGI to operate at its maximum potential. We remain committed to the Grain from Ukraine initiative," the statement read.

On Thursday, the Russian Foreign Ministry said that the grain deal had been extended until July 17 without any changes, but if all problematic issues of the initiative are not resolved in two months, it would be terminated after July 17.

The ministry added that there were five "systemic" tasks to be solved within the framework of the Russia-UN memorandum, including the reconnection of the Russian Agricultural Bank to the SWIFT system and the unfreezing of assets of Russian companies.

The grain deal was brokered by the United Nations and Turkey in July 2022 to facilitate exports of Ukrainian agricultural products from Black Sea ports during the hostilities that began in February of that year. The package agreement also includes a memorandum of understanding between Russia and the UN to unblock Russian grain and fertilizer exports via the Black Sea, which, according to Moscow, has not been implemented due to Western sanctions.