Mon. Jun 17th, 2024
Putin and Erdogan's Meeting Sparks Hope for Ukraine Grain Deal Revival!

Putin and Erdogan’s Meeting Sparks Hope for Ukraine Grain Deal Revival!

Putin and Erdogan’s Meeting Sparks Hope for Ukraine Grain Deal Revival!

Turkish President Tayyip Erdogan met Russian leader Vladimir Putin in Sochi near the Black Sea on Monday, with Erdogan trying to persuade Putin to revive a grain deal with Ukraine that proved crucial during the global food crisis. Russia pulled out of a UN-Turkey-brokered accord in July a year later, citing difficulties selling its food and fertilizer products and alleged shortages of Ukrainian grain to countries in need.

President Putin assured President Erdogan that the situation in Ukraine would be discussed and expressed Russia’s willingness to renegotiate the grain agreement. Erdogan’s top advisers spoke with optimism, though caution, aimed for successful discussions. Key figures from Turkey’s economic policy team, including Finance Minister Mehmet Simsek and Central Bank Governor Hafez Gay Erkan, attended the meetings in Russia.

Exploring the Importance of Energy Cooperation and Agriculture

During their discussions, Putin and Erdogan also explored energy cooperation between their countries and stressed the importance of dialogue between their central banks. The grain deal was designed to facilitate the transport of grain from Ukraine through the Black Sea to global markets, addressing a worldwide food crisis caused by Russia’s full-scale invasion of Ukraine in February last year.

Both Russia and Ukraine are major players in the agricultural sector, with significant positions in the markets for wheat, barley, corn, rapeseed, rapeseed oil, sunflower seed, and sunflower oil.

Vladimir Putin has hinted that Russia could return to the grain accord if Western countries uphold a separate deal it struck with the United Nations aimed at easing Russian food and fertilizer exports. Despite the absence of Western sanctions on Russian food and fertilizer exports, Russia argues that challenges related to payments, logistics and insurance have hindered shipments of these goods.

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