Russia has decided to extend the grain agreement across the Black Sea by 60 days.

The Kremlin announced on Friday that Russia has decided to extend the Black Sea grain agreement for 60 days, confirming earlier statements by the Ministry of Foreign Affairs.

Ukraine stated that the soon-to-be-expired agreement should be completely renewed under the current terms, which specify a 120-day extension.

A few days ago, an informed source said that an agreement allowing for the secure export of grains from ports in Ukraine on the Black Sea would automatically be extended after its expiration on March 18th, unless any of the participating parties objected.

The Black Sea Grain Initiative, which was mediated by the United Nations and Turkey between Russia and Ukraine in July, aims to prevent a global food crisis by allowing the safe export of grains from three Ukrainian ports after the Russian attack caused an export halt for a period of time.

According to the United Nations, this crucial agreement for global food supplies resulted in the export of over 24 million tons of grains from Ukrainian ports.

The agreement had previously been extended for 120 days in November.

Officials in Russia state that although the country’s agricultural exports have not been explicitly targeted by the West, sanctions imposed on its payment, logistics, and insurance sectors have curtailed its ability to export grains and fertilizers.

Both Ukraine and Russia are considered major suppliers of grains and fertilizers on a global scale.