Turkey steps up talks with Russia and Ukraine on a new grain corridor

UkrAgroConsult

Turkey has stepped up diplomatic contacts with Russia and Ukraine over the creation of a new grain corridor in the Black Sea. According to Ekonomim, Ankara aims to restore commercial shipping through a new security mechanism and prevent a further escalation of the global food crisis.

The blockade of trade routes in the Black Sea has effectively halted a significant part of grain supplies from Russia and Ukraine. According to estimates cited by the publication, Russia has accumulated around 60 million tonnes of grain due to a record harvest and export restrictions, while Ukraine has around 30–35 million tonnes of grain and oilseeds held in warehouses and temporary storage facilities. The total volume of products unable to reach global markets is approaching 100 million tonnes.

Against this backdrop, Turkey is reviving its role as a mediator, which it played during the Black Sea Grain Initiative in 2022. According to the publication, Turkey’s Ministry of Transport and Infrastructure and Ministry of Foreign Affairs are maintaining continuous contacts with both Moscow and Kyiv. Talks are progressing intensively, although there is currently no specific timeline for establishing a new mechanism.

The situation has already affected global prices. Kazım Taycı, chairman of the Istanbul Cereals, Pulses, Oilseeds and Products Exporters’ Association, said grain prices had already risen by 4–4.5% following the effective halt in supplies from Russia and Ukraine. In his assessment, if the problem is not resolved within two months, the increase could exceed 10%.

Another risk for Turkey is securing raw materials for its processing industry. The country buys grain from Russia and Ukraine, processes it domestically and exports finished products to global markets. Last year, such exports generated $13 billion. A prolonged blockade of the grain corridor could therefore cause significant losses in this sector. According to Ekonomim, the sides are continuing talks on a new maritime security mechanism, but the outcome is expected to become clearer in the coming weeks.

Tags: Black Sea grain corridor, Ukraine, Russia, Turkey, export, grain, war