The US and Western allies are turning to China for help after Russia exited the U.N.-backed agriculture deal. This deal, named the Black Sea Grain Initiative, saw China as the top recipient of Ukrainian agricultural products. Russia's departure, citing dissatisfaction with benefits for Ukraine, disrupted the movement of millions of tons of crops through a Black Sea corridor. China, a major buyer of Ukrainian grain, may face food price inflation due to this breakdown. US Ambassador to the UN, Linda Thomas-Greenfield, stressed the food crisis triggered by the deal's collapse as a priority for the Biden administration during their UN Security Council presidency. Thomas-Greenfield noted that food security is a national security concern, condemning Russia's actions
Category
🗞
NewsTranscript
00:00 It's Benzinga and here's what's on the block.
00:02 The US and Western allies are seeking China's help to address the consequences of Russia's
00:06 exit from the UN-backed agriculture deal.
00:10 China was the top recipient of Ukraine agriculture products under the agreement known as the
00:14 Black Sea Grain Initiative.
00:17 Russia left the pact stating dissatisfaction with its benefits for Ukraine.
00:21 The deal facilitated the movement of millions of metric tons of Ukraine wheat, barley, corn,
00:26 and sunflower meal via a maritime humanitarian corridor in the Black Sea.
00:31 China being the largest buyer of the Ukraine grain may face extreme pressures due to food
00:36 price inflation following the breakdown of the agreement.
00:39 US Ambassador to the UN Linda Thomas-Greenfield emphasized that the world's food crisis,
00:44 partly triggered by the collapse of the Black Sea Grain Initiative, will be a priority for
00:48 the Biden administration during their rotating presidency at the United Nations Security
00:52 Council.
00:53 Thomas-Greenfield said, "We know food security is national security.
00:57 Russia has launched a full-scale assault on the world's breadbasket, and it is dead
01:01 set on depriving the world of Ukraine grains."
01:04 For all things money, visit Benzinga.com.
01:06 [BLANK_AUDIO]