Russian Federation

The renewal of the UN-backed initiative is vital to continuing to drive global food prices down and ensuring food security worldwide, especially in developing countries.

By renewing the Black Sea Grain Initiative, ending trade restrictions, facilitating exports and managing demand, we can get food, fertilizers and energy to all.

The deal to export foodstuffs from Ukraine has helped bring down the prices of grains, cereals and oils.

Container shipping and global value chains have been disrupted and many countries have had to look further afield for suppliers of oil, gas and grain.

UNCTAD’s rapid assessment of the war’s impact on trade and development shows a rapidly worsening outlook for the world economy, with the situation especially alarming for African and least developed countries.