According to a media report, Moscow has agreed an arrangement with the governments in Kiev and Ankara to release grain deliveries from the previously blocked Ukrainian Black Sea port of Odessa. “In the neighboring country’s sovereign waters, the Turkish army will take over the mine clearance and they will also escort the ships to neutral waters,” Kremlin-affiliated daily “Isvestia” described the planned trial on Monday, citing government circles.
Later, Russian warships would escort the grain carriers to the Bosphorus. The Russian war of aggression against Ukraine has led to enormous turbulence in world markets and has pushed up food prices. Ukraine is one of the largest grain exporters in the world. The Russian blockade of Ukrainian ports had therefore led to famine fears, especially in poor African countries.
Most recently, Russian ruler Vladimir Putin hosted the President of the African Union (AU), Senegalese President, Macky Sall. While Putin denied that Russia was responsible for the food crisis, he showed his willingness to facilitate grain deliveries. The Ukrainian side had repeatedly complained that the Russian army had already shipped the stolen wheat to Syria, among other places. Satellite images were presented as evidence. Krone.at also reported on it.
Russian state fund fills up to billions of dollars
In addition to revenues from oil and gas exports, Russia could try to evade sanctions and also seek alternative buyers outside Europe for agricultural products. Economists say Russia’s economy is likely to collapse 7.6 percent this year as a result of Western sanctions, according to a Reuters poll of 18 experts. At an average of 16.4 percent, inflation is likely to be nearly twice as high as it was in 2021.
According to a report in the Russian daily Kommersant, the authorities want to use the state investment fund to compensate the looming budget deficit. Incidentally, its value has increased enormously lately. On June 1, it was $197.7 billion, according to Treasury Department data released Monday. A month earlier, that was $155.2 billion. The jump came about because revenues from 2021 were transferred to the fund in May, the ministry said. The sovereign wealth fund is primarily fueled by income from oil and gas exports.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
