Ukraine will receive $2 billion less in currency earnings in 2023 due to the termination of the Black Sea Grain Initiative, Volodymyr Lepushynskyi, the director of the Monetary Policy and Economic Analysis Department at the National Bank of Ukraine, said on Friday
MOSCOW (Pakistan Point News / Sputnik - 05th August, 2023) Ukraine will receive $2 billion less in currency earnings in 2023 due to the termination of the Black Sea Grain Initiative, Volodymyr Lepushynskyi, the director of the Monetary Policy and Economic Analysis Department at the National Bank of Ukraine, said on Friday.
"The termination of the grain deal will affect the grain exports speed � what is not exported this year will be supplied the next one. (It will also affect) the currency earnings. The National Bank of Ukraine estimates they will be $2 billion less this year," Lepushynskyi was quoted as saying by Ukrainian newspaper Economichna Pravda.
However, Ukraine is expected to recover this amount as soon as 2024, the official added.
On July 18, the Turkey- and UN-mediated Black Sea Grain Initiative, which provided for a humanitarian corridor to allow exports of Ukrainian grain over the past year, expired, as Russia did not renew its participation in the deal. Moscow emphasized that the deal's component on facilitating Russian grain and fertilizer exports had not been fulfilled, specifically with regard to reconnecting Russian banks to SWIFT and unblocking the Tolyatti-Odesa ammonia pipeline.
