According to Russian President Vladimir Putin, the grain deal resulted in direct losses of $1.2 billion and $1.6 billion for Russian agrarians and fertiliser producers, respectively
“Russian agrarians lost $1.2 billion due to a 30-40% discount on Russian grain on global markets,” the president remarked.
“Additionally, the rise in the cost of sea freight for cargo transportation, as well as the cost of international settlements and other transactions, has resulted in a twofold drop in shipments’ profitability,” Putin noted.
Russian fertiliser producers, who suffered $1.6 billion in losses, experienced similar issues, he said.
Furthermore, Russia was barred from giving free fertilisers to the poorest countries in need.
“The grain deal profited the West shamelessly.”
“It simply distorts the meaning and essence of these agreements,” Putin said.