The development banks of the G7 countries are creating an investment platform for Ukraine

The United Nations says it has no back-up plan if Russia pulls out of a deal that allows Ukraine to export grain to international markets and helped streamline Moscow’s grain and fertilizer exports.

“There is no Plan B for the Black Sea,” UN spokesman Stephane Dujarric said when asked what would happen if Russia followed through on threats to withdraw from the deal on May 18. “There is the Black Sea. We can’t move the sea. We can’t move the Bosphorus “.

Since the signing on July 22 in Istanbul, the Black Sea Grain Initiative has facilitated the safe export of more than 30 million metric tons of grain and other food products from three Black Sea ports of Ukraine to world markets.

The relevant Memorandum of Understanding between Russia and the United Nations reassured banks, insurers, shippers and other private sector participants. But Moscow has repeatedly complained that it is not getting enough benefit from the agreement.

Moscow defends “the national interests of Russia, agricultural producers, fertilizer producers,” said Russian Deputy Foreign Minister Serhiy Vershinin. “An initiative that brings one-sided benefits is unlikely to be recognized and confirmed by everyone.”

However, US Ambassador to the UN Linda Thomas-Greenfield told reporters on Thursday: “Russia is exporting just fine. It is exporting grain and fertilizer at the same level, if not higher, than before the full-scale invasion.”

“Russia’s threats are about money and power. The more Russia hinders Ukraine’s exports, the higher the prices, and because Russian exports are doing well, they get more profits,” she said.

Russia has slowed the export of Ukrainian grain as part of the agreement, slowing down the mandatory inspection of vessels.

Data from the Istanbul Joint Coordination Center, which oversees inspections, shows that the number of inspections of ships bound for and leaving Ukraine has decreased significantly from the peak in October (4.4 inspections per entry per day and 6.3 per departure ) up to 1.4 per entry and 1.5 per exit per day in May.

“The Russians traditionally game the procedures of the Black Sea Grain Initiative,” said Ambassador Jim O’Brien, who heads the US State Department’s Sanctions Coordination Office. “They don’t allow ships to register and then they don’t inspect them.”

The JCC reports that there are currently 26 vessels carrying more than one million metric tons of grain and food in Turkish waters. The Ukrainians informed them that another 62 are waiting to go to Ukrainian ports to pick up shipments for export.

On Thursday, the four parties to the agreement — Ukraine, Russia, Turkey and the United Nations — met in Istanbul to discuss the future of the grain deal.

The United Nations has highlighted the importance of the Black Sea Grains Initiative in maintaining stable global food prices and food availability, especially for the poorest countries. More than half of the Ukrainian grain exported under the agreement was directed to developing countries.

“It is clear that if this initiative cannot continue, … it will have a negative impact on global food security, on global food prices,” UN spokesman Dujarric told reporters. “It is important that everyone involved, directly or indirectly, periphery, performed their duties”.