Why in news?

Russia rejoined the Black Sea Grain deal. The reversal came a day after Russian President Vladimir Putin stated that Moscow would suspend, but not end its involvement in the Black Sea Grain deal.

What is the Black Sea Grain initiative?

• The Black Sea Grain deal aims to tackle rising food prices resulting from supply chain disruptions because of Russia's actions in the world's 'bread basket'.
• The deal was signed on July 22, 2022 and brokered by the UN and Turkey.

Why the Black Sea Grain deal important?

1. Initially stipulated for a period of 120 days, with an option to extend or terminate after November, the deal was to provide for a safe maritime humanitarian corridor for Ukrainian exports from three of its key ports namely Chornomorsk, Odesa and Yuzhny/Pivdennyi with the aim of ensuring an adequate supply of grains, thereby limiting food price inflation.
2. Ukraine is among the largest exporters of wheat, maize, rapeseed, sunflower seeds and sunflower oil globally. Its access to the deep sea ports in the Black Sea enables it to directly approach Russia and Europe along the grain importers from West Asia and North Africa.
3. Russia's actions in the east european country had disturbed this route which earlier used to ship 75% of its agricultural exports – precisely what the initiative sought to address.
4. As per the UN office for coordination of humanitarian affairs, approximately 10 million  tonnes of grains have been shipped since the initiative commenced.

Conclusion

Though the Black Sea Grain initiative helped in easing high prices inflation, the initiative alone cannot address global hunger, it can only avert the chances of the global food prices spiralling further especially when the region is yet to scale prior year levels.