Spectre unfolding following Russian exit from grain deal

The indication that Russia would not extend the Black Sea Grain Initiative (BSGI) was amply clear. Now the Western media call it Russia's withdrawal from the UN and Turkey-brokered grain deal. Earlier, the deal was extended three times, first on November 17, 2022 for 120 days, second time in March, 2023 for 60 days and the last time in May, 2023 for another 60 days culminating on July 18 last. Russia, the top wheat exporter in the world, threatened to withdraw from the agreement before because the Western sanctions held up, it complained, 'a parallel agreement to allow payments, insurance and shipping for Moscow's own agricultural exports'. Russia asked for Rosselkhozbank, that country's state-owned agricultural bank, to be reconnected to the Swift fast payment system. Notably, under the sanctions against Russia, all its banks are barred from the Swift payment system. The Western allies did not agree; instead they suggested opening a subsidiary of the bank. Russia rejected the suggestion on the ground that it would take time. Russia, unsurprisingly, also rejected another proposal for payment for its grains and fertiliser through JP Morgan Chase, a US bank.
So far the Western nations against which the charge has been labelled has not refuted the claim. One positive aspect of the Moscow's stand is that it has not slammed the door before its rival signatory, Ukraine and negotiators such as Turkish President Recep Tayyip Erdogan. Russian President Vladimir Putin's spokesman Dmitry Peskov left the channel of negotiation open, "As soon as the relevant agreements are fulfilled", Russia will resume its participation in the agreement. Erdogan and a number of UN officials are confident that Russia will rejoin the deal. At issue here is the Western sanction that impedes payment for Russian food and fertiliser export. Like Ukraine's sunflower, barley, maize and wheat, Russia's wheat and fertiliser also ensure food security in the Middle East and Africa in particular. The humanitarian issue should count more than the payment obstacle.
So, Russia's return to the grain initiative is crucial to making food available to millions of hungry mouths in the least developed and developing countries in the world. In the aftermath of the Russia-Ukraine war, the record high food prices forced more people to go hungry in those countries. After the grain deal, as much as 33 million metric tonnes of wheat could be exported, almost half of it to developing countries, from Ukraine. The result is that food prices have fallen by 22 per cent since March last. Now that Russia parted ways from the grain deal, the fear is that food price will once again start escalating on account of the disruption of the supply chain.
In fact, world wheat market started growing jittery immediately after Russia's refusal to renew the deal. This does not bode well for countries like Bangladesh and least of all for the war-ravaged ones like Afghanistan and the conflict-ridden countries in Africa. Business syndicates in Bangladesh accustomed to taking undue advantage of situations even in normal time are feared to make the most of the supply crunch. This will have its snowballing impact on the domestic rice market as well, restricting a large section of people's access to food, the staples in particular.