When Russia recently announced that it was suspending its involvement in the Black Sea Grain Initiative and blocking Ukrainian exports, it was not unexpected. But the decision could have far-reaching implications around the globe for months to come.

The agreement, which has allowed Ukraine to ship grain and other commodities from its Black Sea ports, was due to run out in the second half of November. However, there was an option to extend the deal if all parties, including Russian, Ukraine, Turkiye and others agreed.

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