Ukraine grain export deal reached; Russia’s central bank slashes key interest rate
A U.N.-backed deal to resume exports of Ukrainian grain was agreed to on Friday, easing a global food crisis caused by the conflict in Eastern Europe.
International onlookers are cautious on the deal and Russia will be closely watched to make sure it upholds its side of the agreement.
The State Department has slammed Russian attacks on Ukrainian agricultural facilities and a months-long blockade on foodstuff exports. “To date, Russia has weaponized food during this conflict,” State Department spokesman Ned Price said during a daily press briefing.
Russia and Ukraine sign UN-backed deal to resume grain exports via the Black Sea
The United Nations, Turkey, Russia and Ukraine signed an agreement that will usher in a sea corridor for Ukrainian grain and foodstuff exports.
For months, Russian warships have blocked Ukrainian ports on the Sea of Azov and the Black Sea.
The agreement, which was signed in Istanbul, will be implemented in the next few weeks.
Russian Defense Minister Sergei Shoigu signed the agreement on behalf of the Kremlin. U.N. Secretary-General Antonio Guterres and Turkish President Recep Tayyip Erdogan were also in attendance for the deal.
A senior Defense official said the Pentagon assesses that the fight for Donetsk will “likely last through the summer.”
The official, who spoke on the condition of anonymity, said that Russian forces are significantly behind on their timelines and continue to face stiff Ukrainian resistance.
Earlier in the week, U.S. Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, told reporters at the Pentagon that the fight in the wider Donbas region is “very intense.”
Milley also said that Russia has only advanced about 10 miles in the past three months.
“Ukrainians are making the Russians pay for every inch of territory that they gain,” he added.
— Amanda Macias
Russia hands out passports in Ukraine cities Kherson and Melitopol regions
People arrive to receive Russian passports at a center in Kherson after Russian President Vladimir Putin signed a decree to make it easier for residents of Kherson and the Melitopol regions to get passports.
Russia surprises markets with bigger-than-expected rate cut
Russia’s central bank surprised markets with a bigger-than-expected rate cut, as it responds to a strong currency, cooling inflation and a possible recession.
The Central Bank of Russia cut its key interest rate by a bigger-than-expected 150 basis points — analysts had expected a rate cut of 50 basis points, according to a Reuters poll.
It comes as central banks elsewhere scramble to hike rates as they attempt to reign in sky-high inflation.
