The world is back to July 2022 — Russia's junked a vital food grain deal and Europe may be teetering on the brink of another energy crisis
are still making it difficult to export Russian produce. As a result, the Black Sea grain deal was scuppered.
Ukraine and Russia are major wheat exporters, so prices of grain surged to record highs when the war started over 500 days ago. Prices fell back toAnd predictably, Russia's decision to not renew the deal on Monday sentEurope largely managed to avert an energy crisis last year thanks to a warm winter, but there's no guarantee it'll be so lucky this year.
"A cold winter, together with a full halt in Russia piped gas supplies to Europe early in the heating season, could easily renew market tensions," the IEA said in its third-quarter gas report."Fierce competition for gas supplies could also emerge if Northeast Asia experiences colder-than-usual weather and economic growth is stronger than expected in China."
The European Union has cut its reliance on Russian gas dramatically — the bloc used to get around one-third of its supplies from Russia before the war — but that amount has dropped to about 10% by November 2022, according to
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