As the November 19 expiration date for the Black Sea grain initiative approaches, UN Security Council members have called for continued support of the measure as the world continues to face the effects of a food crisis.
Linda Thomas-Greenfield, US ambassador to the UN, appealed on Wednesday to council members to support and secure an extension of the initiative, which was signed in July.
The agreement has helped to stabilise food markets, she said, with reports that prices have fallen to levels not seen since the Russian invasion of Ukraine began in February.
“Two thirds of the wheat exported under the initiative has gone to the Global South, but the deadline for renewing the deal is fast approaching,” she added.
“Russia must extend this essential life-saving arrangement. Russia must allow these ships to keep feeding the world and I call on our fellow council members to make the same calls with the same urgency to keep the deal alive.”
The deal guarantees safe passage for Ukrainian grain exports through certain Black Sea ports as the war with Russia continues.
Ukraine war latest — in pictures
The deal, first struck between Russia and Ukraine via UN and Turkish mediation, will be automatically renewed unless one of the parties objects.
The price of wheat has risen 50 per cent since 2021 but stabilised partly because of the Black Sea grain initiative.
UN figures show that nearly 500 ships carrying more than 10 million metric tonnes of grain and other food items have departed under the initiative to the world's poorest countries.
The UAE's UN envoy, Lana Nusseibeh, echoed the US ambassador's call and urged stakeholders to reach a solution that ensures the extension of the agreement.
“In addition to the export of grains, the supply of ammonia and fertilisers which are crucial to ensure adequate crop yields for next year's harvest are also a priority,” Ms Nusseibeh said.
Putin vows continued 'tough' attacks against Ukraine — video
“As the secretary general has said, we cannot let this year's crisis of affordability become next year's crisis of availability.”
She also called on council members to support any efforts or talks and to focus on measures that can bring Russia and Ukraine together rather than “further apart”.
Taking a harder line, Nicolas de Riviere, France's UN ambassador, accused Moscow of “instrumentalising food insecurity and malnutrition”.
“After having, first of all, suspended for several days its participation in the Black Sea grain initiative, Russia is now looking to use its agreement to the renewal of those cards as a bargaining chip,” Mr de Riviere said. “This blackmail is unacceptable.”
Moscow has been holding out on renewing the agreement due to what it perceives as unfair implementation due to sanctions on Russian agricultural exports. Russia suspended the deal for four days in October.
Russia has asked for unhindered access to world markets for its own food and fertiliser exports in return for agreeing to continue the Black Sea export deal.
Russia assailed at UN Security Council over Ukraine war — in pictures
It complained that the deal was allowing Ukrainian grain past its navy on the Black Sea while its own grain and fertiliser exports were not given equal access to world markets.
UN and Russian officials met on the sidelines of the Group of 20 summit in Bali, Indonesia.
Russian Foreign Minister Sergey Lavrov told reporters on Tuesday that UN Secretary General Antonio Guterres had given Moscow written assurances that “all the economic operators that participate in Russian fertiliser, grain and supply chains” would not face sanctions for trading in Russian grain.
This would allow Russian ships to visit European ports and for the Russian agricultural bank to “work fully”, Mr Lavrov said.
Rosemary Di Carlo, the UN undersecretary general for political affairs, told council members on Wednesday that Mr Guterres has continued his engagement with all parties in support of the renewal and full implementation of the initiative.
Mr Guterres, she added, has also emphasised his commitment to removing remaining obstacles to Russian food and fertiliser exports.
“These products are not under international sanctions but suffer in direct impacts,” said Ms Di Carlo.
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Match info
Champions League quarter-final, first leg
Liverpool v Porto, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Abu Dhabi GP Saturday schedule
12.30pm GP3 race (18 laps)
2pm Formula One final practice
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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