The Black Sea Grain Initiative agreement has been extended for another 120 days, the Ukrainian Minister for Infrastructure Development, Oleksandr Kubrakov, announced on Facebook.

“This means that Ukraine continues to export its agricultural products through three deep sea ports. In particular, from August 1 until today, we have sent 25 million tonnes for the needs of the world,” the Ukrainian minister said.

Kubrakov thanked United Nations Secretary General Antonio Guterres and President of Türkiye Recep Tayip Erdogan, as well as all partner countries, for their joint efforts to extend  the grain initiative for another four months.

According to Kubrakov, the main challenge is to speed up inspections in Türkiye. This will allow the world to get even more Ukrainian agricultural products.

“We are also continuing work on involving Mykolaiv region ports in the grain initiative and expanding the range of cargo. Ukraine was and remains firmly embedded in the world economy and markets. The ability to export more will allow removing inflationary risks, and as a result, social tension in many countries of the world,” Kubrakov noted.

Kubrakov’s announcement follows Russia’s announcement on Monday that Moscow had agreed to extend the Black Sea grain initiative only for 60 days.

Russia had previously said the deal would be extended for just 60 days, which is half the number of days agreed when it first expired in November.

The Black Sea Grain Initiative have allowed the exports of 24 million Metric Tonnes of grain and over 1,600 secure vessel voyages through the Black Sea with 55 per cent of food exports going to developing countries.

The continuation of the Black Sea Grain Initiative is crucial for global food security, as grain and fertilizer prices and availability have not returned to pre-war levels, causing hardship particularly in developing countries, said the United Nations in a note release to journalists earlier this month.