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Q2 net profit fell by 18% to $637 million.

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Egypt calls for renewal of Black Sea grain export deal

The Ukraine grain deal was agreed last year and helped stabilize global food prices (AFP Files)
  • Moscow withdrew from the agreement after protesting for months that parts of the deal that allowed for export of Russian fertilizer were not honored.
  • Russia refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets.

MOSCOW, RUSSIA –  Egypt’s president on Friday called on Russia and Ukraine to find “urgent solutions” to allow the resumption of Ukraine grain exports to Africa, after Moscow’s withdrawal led to the collapse of a Black Sea pact.

The Ukraine grain deal was agreed last year and allowed around 33 million tonnes of grain to leave Ukrainian ports, helping to stabilize global food prices and avert shortages.

“I underline the importance of finding urgent solutions to furnish food and fertilizer at prices that will help Africa to surmount this crisis,” Abdel Fattah al-Sissi said at a Russia-Africa summit in the Russian city of Saint Petersburg.

“I hope to come to a consensual solution on a grain export agreement, taking into account the requests and interests of all the parties, in order put an end to the rise in price,” he said.

Russia last week refused to extend a deal brokered by UN and Turkey, under which Ukrainian grain exports passed through the Black Sea to reach global markets, including Africa, easing pressure on food prices.

Moscow withdrew from the agreement after protesting for months that the parts of the deal that allowed for the export of Russian fertilizer were not honored.

Russian President Vladimir Putin on Thursday opened a two-day summit in Saint Petersburg with African leaders, offering free grain to six countries on the continent.

Russia has sought in recent years to increase its influence in Africa and its Wagner mercenary group has been an active player in several African countries in recent years.