In News:

• Russia has suspended participation in a U.N.-brokered Black Sea grain deal after (what it said was) a major Ukrainian drone attack on its fleet in Crimea.
  • Russia's defence ministry said Ukraine attacked the Black Sea Fleet near Sevastopol on the annexed Crimean Peninsula with 16 drones.
  • It claimed that the ships targeted were involved in ensuring the grain corridor out of Ukraine's Black Sea ports.
• So far, the deal had seen more than 9 million tonnes of grain exported from Ukraine and brought down global food prices.

What’s in today’s article:

• Black Sea
• Black Sea grain deal – About, key highlights, significance

Black Sea

• The Black Sea lies between the continents of Asia and Europe.
• It is bound to the west by the Balkan Peninsula, to the east by the Caucasus, north by East European Plains, and south by Anatolia of Western Asia.
• It is bordered by Ukraine to the north, Russia to the northeast, Georgia to the east, Turkey to the south, and Bulgaria and Romania to the west.
• The black Sea drainage basin drains several countries, including the six countries that share its coast.

Black Sea grain deal between Russia and Ukraine

• In July 2022, Russia and Ukraine signed a deal to reopen grains exports from Ukrainian Black Sea ports.
  • The agreement is also known as the Black Sea Initiative.
• The deal will enable Ukraine to export 22 million tons of grain and other agricultural products that have been stuck in Black Sea ports due to the war.
• It would also allow Russia to export its grain and fertilizers.

Key highlights of the deal

• The agreement would open a path for significant volumes of commercial food exports from three key Ukrainian ports in the Black Sea: Odessa, Chernomorsk and Yuzhny.
• The deal makes provisions for the safe passage of ships.
• A control centre will be established in Istanbul, staffed by U.N., Turkish, Russian and Ukrainian officials, to run and coordinate the process.
• Ships would undergo inspections to ensure they are not carrying weapons.

Significance of this deal:

• It brought relief for developing countries on the edge of bankruptcy and the most vulnerable people on the edge of famine.
• It helps stabilize global food prices which were already at record levels even before the war.
  • Ukraine is one of the world's largest exporters of wheat, corn and sunflower oil, but Russia's invasion of the country and naval blockade of its ports have halted shipments.
  • Some grain is being transported through Europe by rail, road and river, but the prices of vital commodities like wheat and barley have soared.