Moscow will decide whether to extend a Black Sea deal under which Ukraine exported some 33 million tons of grain in the past year, with the US warning the Kremlin will incur an “enormous diplomatic cost” if it fails to prolong the pact past its Monday expiration date.
(Bloomberg) — Moscow will decide whether to extend a Black Sea deal under which Ukraine exported some 33 million tons of grain in the past year, with the US warning the Kremlin will incur an “enormous diplomatic cost” if it fails to prolong the pact past its Monday expiration date.
Russia suspended road and rail traffic across the bridge linking it to Crimea over the Kerch Strait after officials declared an “emergency” because of an unspecified incident with one of its supporting pillars. It’s Moscow’s key artery for military and civilian access to the peninsula.
President Vladimir Putin discussed the US provision of cluster munitions to Kyiv in a TV interview, saying Russia would retaliate if the weapons — which have already arrived in Ukraine — are used on its forces. Monitors from the Organization for Security and Cooperation in Europe concluded last year that Kremlin forces had used cluster bombs during its invasion.
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Markets
Wheat, corn and soybean futures in Chicago extended gains for a third session as the Black Sea deal approaches its Monday expiration deadline. Traders have ignored any risk pertaining to Russia and Ukraine for several weeks, said Ole Houe, chief executive officer of broker and adviser IKON Commodities. Still, doubts have started leaving the market shaky.
Coming Up
- Black Sea grain export deal set to expire Monday
- UNSC meeting Monday focused on Ukraine
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