FX.co ★ Biden pledges to get Ukraine grain back to global market

The United States wanted to end Russia's attempts to block shipments of Ukrainian grain. Otherwise, the situation may cause a global food crisis. According to the White House spokesperson, Ukraine will resume wheat exports in the near future.

US President Joe Biden has pledged that his administration will redouble its efforts to get Ukrainian grain back to the global market. Moreover, Biden noted that US allies were currently focused on this issue as well. The US President said that Ukraine had nearly 20 million tons of grain in storage. If it is brought back to world markets, inflation in the US and other countries will fall.

"We are exploring ways to bring this grain back to the world market and thereby bring prices down," Biden said.

He stated that Russia's invasion in Ukraine accounted for a sharp rise in US prices. The US president had repeatedly blamed his counterpart Vladimir Putin for soaring prices in the country.