“Some 28 million metric tons of Ukrainian grain have been exported under the Black Sea Grain Initiative since last July, including to poor countries facing the brunt of the world’s spiraling food crisis. But Russia is threatening to walk away from the pact, brokered by the United Nations and Turkey unless its demands are met,” Politico writes.
The markets are not taking Moscow’s threats seriously — yet, according to Joseph Glauber at the International Food Policy Research Institute, a former chief economist at the U.S. Department of Agriculture.
“The market takes it with a pinch of salt,” said Glauber. “If there were indications that this was going to be abrogated, I think you’d see the market respond.”
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