Russia: Black Sea Grain Export Agreement to Be Automatically Extended

An automatic extension of the agreement allowing safe grain exports from Ukraine's Black Sea ports is expected, after its expiration on March 18, unless any of the participating parties object, according to the Russian news agency TASS on Tuesday. The agency quoted an informed source as saying that none of the parties involved in the agreement has indicated any intention to withdraw so far. Russia indicated yesterday its approval to renew the agreement, but for a duration equal to half of the previous extension of 120 days. The United Nations has pledged to do everything possible to ensure the continuation of the agreement. TASS quoted the source saying, "Unless the parties have objections, the agreement will continue after March 18." The source emphasized that the duration of the agreement extension is not significant. He added, "If the agreement is extended for 60 days, it will continue after March 18, and after 60 days, perhaps one of the parties will raise the issue of terminating it." Prices for corn and wheat have faced pressure due to hopes for the renewal of the agreement.