Russia has said they are actively exploring alternative ways of supplying food to the poorest countries in order to compensate them for the damage caused by the forced suspension of the Black Sea Initiative.
“Let me remind you that all the problems with the Black Sea Initiative have been caused by the illegitimate, illegal and immoral sanctions imposed by the US and the EU, as well as countries that joined these sanctions against our country or adopted them in the same unilateral manner under pressure from the United States,” said the Russian Embassy in Dhaka quoting Russian Foreign Ministry Spokeswoman Maria Zakharova.
Russia is expected to increase grain supplies to the foreign market by 4.5 percent to 46.5 million tonnes, said the Embassy.
The Embassy said Russia continues to responsibly and conscientiously fulfill its obligations under international contracts involving agricultural goods, fertilisers, energy resources and other critical products.
Read: PM directs import of additional food grains
“We are well aware of the importance of supplies of socially significant goods, including food, for the socioeconomic development of Asian, African, Latin American and Middle Eastern countries, as well as for food security and the achievement of the SDGs,” reads press release on the situation in the global grain market.
This approach has been confirmed by the initiatives put forward by President Vladimir Putin to transfer tens of thousands of tonnes of Russian fertilisers (seized in European ports) and grain (25,000-50,000 tonnes each to countries in need such as Burkina Faso, Zimbabwe, Mali, Somalia, Central African Republic, and Eritrea), it said.
Read: Govt to procure 9.5 lakh mts foodgrains this fiscal year: Minister
According to estimates, the main suppliers of wheat in 2022/2023 agricultural year will include Russia with 45.5 million tonnes, EU countries (35 million tonnes), Australia (28.5 million tonnes), Canada (25 million tonnes), United States (21 million tonnes) and Ukraine (14.5 million tonnes).
According to the US Department of Agriculture, about 800 million tonnes of wheat will be harvested in the 2023/2024 crop year – just over the 2022/2023 level (788.5 million tonnes).
At the same time, global stocks will increase by 1.5 percent to 270.1 million tonnes in 2023/2024. The high production volumes will push global wheat trade up 0.8 percent to 215 million tonnes.