Ukraine said termination of grain deal in 2023 will generate $2bn of damage
Volodymyr Lepushynskyi, the Director of the Monetary Policy and Economic Analysis Department at the National Bank of Ukraine, said the country will lose $2bn in foreign exchange earnings in 2023 as a result of Russia’s withdrawal from the grain deal, TASS reports
Mr. Lepushynskyi said, “Along the grain corridor, the termination of Russia’s participation will affect the speed of grain exports. This means the volumes which are not exported this year will be exported next year. As a result, according to our estimates, the foreign exchange earnings will fall by $2bn.”
Since July 18th, the grain deal has been terminated. Russia notified Turkiye, Ukraine and the UN of its withdrawal from the Black Sea Grain Initiative. Russian President Vladimir Putin previously noted that the terms of the deal were not fulfilled in relation to Russia. He repeatedly pointed out that the West exported most of the Ukrainian grain to its states.
