Grain deal extension gives brief respite
Odesa , Ukraine
A grain ship moored at the grain terminal of Ukraine ’ s Black Sea port of Odesa . Russia has agreed to an initial 60-day extension to the UN-brokered deal that allows for Ukrainian crops to be transported through safe corridors in the Black Sea . The deal was first struck in July last year and extended for 120 days in November , but Moscow had previously hinted it could block another extension . In February , Reuters reported that insurers have been left scrambling to quantify the losses incurred as a result of merchant ships still stranded in the region . One source put the figure at US $ 500mn , noting that aviation losses could be far higher .
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