• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 26, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Agriculture

UN, Africa bank form platform to ease Russia grains, fertiliser exports

Fertiliser

The Matters Press by The Matters Press
May 26, 2023
Reading Time: 2 mins read
0
The $2.5bn Dangote Fertiliser plant

The United Nations is working with the African Export-Import Bank (Afreximbank) to create a platform to help process transactions for Russian exports of grain and fertiliser to Africa, the top UN trade official told Reuters on Wednesday.

RELATED POSTS

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

An agreement struck in July last year requires the UN to help Russia overcome any obstacles to its grain and fertilizer exports for three years. It was reached at the same time as a deal allowing the safe Black Sea export of food and fertiliser from Ukraine following Russia’s February 2022 invasion.

The deals were intended to ease a global good crisis that the UN said was worsened by the war because both countries produce grain and fertiliser for world markets, particularly in Africa and the Middle East.

“We have not turned the corner on this,” Rebeca Grynspan who leads the implementation of the UN deal with Russia said in an interview, describing the Black Sea accord and pact between the UN and Russia as continuing to “be a lifeline for food security” around the world.

The Black Sea deal was extended last week for the third time after Russia agreed to a further two months. But Moscow has been threatening to quit unless a list of demands to improve its own food and fertiliser exports is met.

Russia’s agricultural exports are not subject to Western sanctions imposed over the invasion of Ukraine, but Moscow says there are restrictions on payments, logistics and insurance and a wider chilling effect from the measures. The US and others have dismissed Russia’s complaints.

Grynspan said she was working with Afreximbank to try to help small and medium-sized countries in Africa combat disrupted trading and access Russian grain and fertiliser through “more agile transactions”.

“We are working with Afreximbank and making a platform that will allow for a more agile due diligence with the clients to comply with the sanctions but allow for the transactions of food and fertilisers with Africa,” she said.

Cairo-based Afreximbank was not immediately available for comment. Grynspan did not share any further details as discussions continue.

Russia’s agricultural bank, Rosselkhozbank, was cut off from the SWIFT international payment network by the European Union (EU) in June. Russia wants it reconnected, but the EU has said it was not considering reinstatement of Russian banks.

As an alternative, US bank JPMorgan Chase & Co has processed some Russian grain export payments, sources told Reuters last month, and could process dozens more. But Russia has dismissed this as unsuitable in the longer term.

Some 260,000 metric tonnes of Russian fertiliser have also been stuck in several European ports. Moscow said the fertiliser would be donated to countries in need.

“The UN helped arrange for the release of the first two shipments, to Malawi and Kenya. A delivery was also planned for Nigeria and possibly Sri Lanka and South Africa,” Grynspan said.
The EastAfrican

Tags: Fertiliser
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
ECOWAS, Sahel states in deal to  confront terrorism
Foreign

ECOWAS, Sahel states in deal to confront terrorism

June 20, 2025
Tinubu denies manipulating NASS
Economy/Technology

Tinubu’s decision to press ahead with ongoing reforms, commendable-TMSG

June 20, 2025
Next Post
NSIA, Agency in deal on solar power

Investments in solar to outpace oil for first time in clean energy shift – IEA

Nigeria floats $4bn Eurobonds

Kenya gets 300 proposals on settling $2bn Eurobond

Recommended Stories

Nigeria gets AfDB’s $14m as member of ATI

AfDB implements impactful, life-transforming projects in Africa

May 30, 2022
Nigeria regains top crude oil production spot in Africa

Mixed reactions herald rising crude oil price

March 1, 2022
Nigeria disburses N56bn to MSMEs

NIM, SMEDAN in deal to spur SME, human capital development

May 9, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
  • Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
  • Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us