The Cabinet of Ministers has changed the rules for agricultural exports due to Russian aggression in the Black Sea region

The Cabinet of Ministers of Ukraine has eased foreign exchange control regulations for exporters of key agricultural commodities. This decision is intended to offset the logistical challenges caused by the systematic shelling of port infrastructure and civilian vessels in the Black Sea region.

Prime Minister Serhiy Koretskyi announced this. 

<span><span><span><span><span><span>Specifically, the rules regarding payment deadlines for export contracts for wheat, corn, soybeans, sunflower seeds, sunflower oil, and sunflower meal have been amended. The Ministry of Economy will be able to extend the established deadlines upon an exporter’s request for a maximum of 180 days. </span></span></span></span></span></span><span><span><span><span><span><span>This will give producers and exporters more time to fulfill their contracts.</span></span></span></span></span></span>

In August, global food prices rose to their highest level since late 2022. This was driven by an escalation of hostilities in the Black Sea, particularly near the ports of the Odesa region, through which Ukrainian grain is exported.

<span><span><span><span><span><span>According to the Food and Agriculture Organization of the United Nations (FAO), concerns about supplies from key producing regions intensified in August. Prices rose by 1.9% compared to July—primarily due to increases in grains, sugar, and dairy products. Sugar prices rose by 11.9% over the month, while wheat prices rose by 2.6%. Overall, the price of wheat is already 15% higher than last year’s level.</span></span></span></span></span></span>

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