The agreement between Russia and the United Nations aimed at facilitating the exports of food and Russian fertilizers to international markets will end on July 22, the UN said.

“The final meeting on the Memorandum of Agreement between the United Nations and the Russian Federation took place today in Geneva,” UN Commerce and Development said in a statement that the agreement was overseen at the request of UN Secretary -General Antonio Guterres.

This agreement was signed on July 22, 2022 and was three years. A source close to the conversations said that it would not be renewed “due to disputes” between the two sides.

Its aim was to facilitate exports of Russian food and fertilizers to international markets in order to keep prices low.

The financial sanctions imposed on Russia after its invasion of Ukraine on 24 February 2022 did not concern fertilizers and cereals. But carriers were reluctant to take over these exports, as they were afraid that they could accidentally overcome a “red line” and find themselves on the “wrong side of the law”. At the same time, the premiums were jumped.

Following intensive talks, Russia and the UN, they came up with a framework for financial transactions that were compatible with the three currently in force systems (US, Britain and the EU). Moscow has repeatedly protested that the agreement was essentially a “dead letter”.

On July 22, 2022, Russia and Ukraine signed another agreement, under the auspices of the UN and Turkey, concerning Ukrainian cereals. Moscow refused to extend her next year, citing the obstacles that had been put on exports of Russian agricultural products.