The United Nations and Turkey brokered the Black Sea deal for an initial 120 days in July last year to help tackle a global food crisis that has been aggravated by Moscow’s invasion of Ukraine, one of the world’s leading grain exporters.

Moscow had initially appeared unwilling to extend the pact unless a list of demands regarding its own agricultural exports was met.

“This is a chance to help ensure global food security, not in words, but in deeds. First and foremost, to help the countries most in need,” Russia’s foreign ministry said, confirming the extension.

“Our principled assessment of the Istanbul agreements of July 22, 2022, has not changed and the distortions in their implementation should be corrected as soon as possible.”

While Russian exports of food and fertilizer are not subject to Western sanctions imposed following the February 2022 invasion of Ukraine, Moscow says restrictions on payments, logistics and insurance have amounted to a barrier to shipments.

Russian President Vladimir Putin threatened to pull out of the deal last week, saying the West had taken advantage of the grain corridor at the expense of the developing world. The threat temporarily boosted wheat prices, which have been easing in recent weeks in part because of the deal’s effectiveness in getting large amounts of Ukrainian grain to world markets.

Russian officials have also complained that parts of the agreement, that were intended to help Russia sell its fertilizer and other agricultural products amid sanctions, weren’t having much effect.

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