Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > High hopes Lavrov visit to Turkey unlocks Ukraine grain exports, Turkish source says
    Top Stories

    High hopes Lavrov visit to Turkey unlocks Ukraine grain exports, Turkish source says

    Published by Jessica Weisman-Pitts

    Posted on June 3, 2022

    4 min read

    Last updated: February 6, 2026

    Image of grain being loaded at a Ukrainian port, highlighting the ongoing challenges of grain exports during the Ukraine crisis. This visual represents the efforts to unlock grain shipments from Ukraine's Black Sea ports as discussed in the article.
    Grain loading at port representing Ukraine's grain exports amid crisis - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:international financial institutionpaymentsforeign currencyfinancial crisisagricultural sectors

    By Orhan Coskun and Tuvan Gumrukcu

    ANKARA (Reuters) -Turkey expects progress on a plan to unlock grains exports from Ukraine’s Black Sea ports when Russia’s foreign minister visits next week and both Moscow and Kyiv want a solution despite their conditions, a senior Turkish official said.

    Though hurdles remain – such as payment mechanisms for the agricultural products and mines floating in the Black Sea – the official said Moscow could take further positive steps after it said on Thursday it was open to the plan.

    Since Russia invaded on Feb. 24, Ukrainian grain shipments from its Black Sea ports have stalled and more than 20 million tonnes of grain are stuck in silos.

    The conflict has fueled a global food crisis with prices of grains and fertilizer soaring, prompting the United Nations to pitch the plan to re-open shipping routes from Odesa and other Ukrainian ports.

    Turkey neighbours Ukraine and Russia at sea and has said it is ready to take on a role within an “observation mechanism” if a deal is reached. That could involve a Turkish naval escort for tankers leaving Ukraine and transiting Turkey’s straits.

    Turkish Foreign Minister Mevlut Cavusoglu hosts his Russian counterpart Sergei Lavrov for talks on the plan on June 8.

    “Turkey has been negotiating with the parties on this for a while. Russia has some conditions…but there is an expectation of progress. Russia wants this problem solved, as do Ukraine and other countries,” the official told Reuters.

    “There may be some concrete results, but there are also some technical and difficult issues such as the product purchases and money transfers,” they added.

    Russia and Ukraine account for nearly a third of global wheat supplies, while Russia is also a big fertilizer exporter and Ukraine is a major exporter of corn and sunflower oil.

    Ukrainian Ambassador to Ankara Vasyl Bodnar said Russia was shipping and selling grains it stole from Ukraine, including to buyers in Turkey. Kyiv had sought help from Turkish authorities in identifying sellers and buyers, he said.

    He added that Kyiv would have to take the security of its ports into account when agreeing terms. Some 22 million tonnes of grains are hidden at ports but need to be shipped soon to avoid rotting, he added.

    “We must have a military perspective when taking decisions,” Bodnar told reporters in Ankara. “We expect the U.N. to contribute more to finding a solution that works for both parties.”

    CONDITIONS

    Earlier this week, Turkey’s Cavusoglu said Russia wanted some Western sanctions targeting its insurance sector lifted in order to agree to the corridor since they affect ships, while Ukraine did not want Russian warships approaching its Odesa docks. He later also said Kyiv wanted ships involved in the plan not to carry weapons into Ukraine.

    Speaking to Spain’s El Pais daily, Erdogan’s spokesman Ibrahim Kalin said Ankara hoped for a result within two weeks and added Lavrov will arrive in Turkey with experts on the issue.

    He said the “observation mechanism” would be based in Istanbul but run by the U.N. with Ukrainian and Russian representatives monitoring shipments, with distribution via international markets.

    Moscow assured Ankara it would not attack Odesa if the corridor is created, Kalin said. “We will facilitate and protect transport through the Black Sea, and the Ukrainians will sell it to whom they decide.”

    President Vladimir Putin said on Monday Russia was ready to facilitate the unhindered export of grain from Ukrainian ports in coordination with Turkey.

    Ankara has good relations with both Moscow and Kyiv and has sought to facilitate peace negotiations. It has criticised Russia’s invasion and sold Ukraine armed drones, but has not backed the Western sanctions on Moscow.

    (Writing by Daren Butler; Editing by Jonathan Spicer and Angus MacSwan)

    Frequently Asked Questions about High hopes Lavrov visit to Turkey unlocks Ukraine grain exports, Turkish source says

    1What is a foreign currency?

    Foreign currency refers to money that is issued by a country other than your own. It is used in international trade and investment.

    2What is an international financial institution?

    An international financial institution is an organization that provides financial support and advice for economic development, often across national borders.

    3What is a financial crisis?

    A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, leading to a loss of confidence and economic instability.

    4What are agricultural sectors?

    Agricultural sectors encompass industries involved in the production, processing, and distribution of food and other agricultural products.

    More from Top Stories

    Explore more articles in the Top Stories category

    Image for Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Image for Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Image for Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Image for Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Image for Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Image for Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Image for Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Image for PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    Image for A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Image for Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Image for Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Image for ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    View All Top Stories Posts
    Previous Top Stories PostBiden says ‘Enough!’ on gun violence, demands action from Congress
    Next Top Stories PostNo end to Ukraine war in sight, hunger crisis looms – UN