Insurance Daily Journal

G-7 Export Ban Was Cause Black Sea Grain Exit, according to Russian Medvedev.

Monday, April 24, 2023 6:13:45 AM

According to Dmitry Medvedev, deputy head of Russia's's Security Council, if the Group of Seven nations withdraws from the safe-transit agreement that permits Ukraine to deliver grains from Black Sea ports, Moscow may retaliate by completely banning most exports to Russia.

According to Medvedev in a Telegram posting, Russia may also think about outlawing the export of some of its own products.

People who are familiar with the situation say that G - 7 leaders are thinking about moving closer to an outright ban on the majority of exports to Russia and are debating the idea in advance of a officials summit in Japan in May. According to what was said last week, the proposal is really up for discussion and was change.

Kremlin warns that the Black Sea Grain Deal is never going to last very long.

According to former Soviet prime minister and leader Medvedev, the complete restrictions on the export of goods to our nation by default is a fantastic concept because it also implies retaliation and the ban of imports from our nation. The corn price will come to an end, he said.

Individuals said on Saturday that in addition to the G-7 discussions, the European Union is planning to propose a ban on most goods entering Russia as part of its efforts to reduce the application of sanctions imposed over the previous year.

Since last summers, Ukraine has been able to export millions of tons of grain thanks to the safe-transit understanding, which was mediated by the UN and Turkey. Russia, the world's's largest wheat producer at the moment, has repeatedly threatened to renege on the agreement, which is scheduled to expire in the middle of May if problems with its own grain and fertilizer supplies aren't resolved.

Authorities in Latvia announced on Saturday that a shipment of Russian fertilizer that had been stored there since Moscow's's invasion of Ukraine 14 months prior has sailed for Kenya, possibly boosting efforts to extend the Black Sea agreement.

While in New York this week to preside over the UN Security Council meeting, Russian Foreign Minister Sergei Lavrov is anticipated to analyze the corn understanding with UN Secretary-General Antonio Guterres, according to Tass.

However, Medvedev's's remarks raise though another barrier to the continuation of the agreement.

Medvedev is renowned for his aggressive social marketing remarks. On Friday, he tweeted a subliminal threat to Germany's's defence secretary, Boris Pistorius, saying that the German who wants to attack Russia must be prepared for our parade in Berlin.

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