Russia says Black Sea grain deal will be extended automatically if no parties involve object

A deal allowing the safe export of grain from Ukraine's Black Sea ports will be extended automatically after it expires on March 18 if there are no objections from the involved parties, Russia's TASS state news agency reported.

Citing an unnamed source familiar with the details of the negotiations around the agreement, TASS reported that so far none of the involved sides had indicated a withdrawal.

Russia on Monday suggested renewing a deal allowing the safe export of grain from Ukraine's Black Sea ports but only for half of the 120-day term of the previous renewal, while the United Nations pledged to do everything possible to ensure the agreement's integrity remained intact.

"If the parties have no objections, the deal will continue after March 18," TASS quoted the source as saying.

The source said that the time length of the extension did not matter.

"If the deal is extended for 60 days, it will continue to operate after March 18, and after 60 days one of the parties may raise the issue of its termination," the source added.

The prices of corn and wheat have been under pressure on hopes of a deal renewal.

(Reuters)