CNBC: China’s the top importer of Ukrainian grain, and could save the Black Sea deal
The United States and its Western allies are looking to China to help resolve the calamitous domino effect of Russia’s exit from a crucial U.N.-backed agriculture deal, CNBC reports.
China, one of Moscow’s most strategic allies and the world’s second-largest economy, was the indisputable top recipient of Ukrainian agricultural products under the landmark agreement known as the Black Sea Grain Initiative. After nearly a year in place, Russia ditched the pact last month, citing frustrations that the deal only benefited Ukraine.
The agreement eased Russia’s naval blockade in the Black Sea and established a maritime humanitarian corridor which saw the passage of more than 1,000 ships carrying nearly 33 million metric tons of Ukrainian wheat, barley, corn and sunflower meal. Since the inception of the July 2022 deal, which was brokered nearly six months into Russia’s full-scale war, Chinese ports had welcomed 8 million metric tons of Ukrainian agricultural products, the lion’s share according to data provided by the United Nations.
“China is the biggest buyer of Ukrainian grain and so with the breakdown of the Black Sea Grain Initiative, the pressures on Beijing are going to be extreme in terms of food price inflation,” David Riedel, founder of Riedel Research Group, said in an interview with CNBC.
“China hopes that all relevant parties will intensify dialogue and consultation and meet each other halfway,” Zhang said during a U.N. Security Council meeting chaired by U.S. Secretary of State Antony Blinken.
Blinken slammed Russia’s retreat from the deal and vowed to work with allies on ways to mitigate the mounting food crisis triggered in part, by the collapse of the Black Sea Grain Initiative.
