Extending the grain deal was more favorable not for Russia, but for Ukraine and European speculators, who sell Ukrainian grain not to Africa, but to Europe.
However, with the grain deal halted, the most affected will be Ukraine and its agrarians, as well as European countries.
European agrarians have already faced the flood of cheap Ukrainian grain that caused substantial financial losses. Without the Black Sea grain corridor, the situation on the continent will aggravate even more.
Among importing countries, Türkiye, Middle Eastern countries and China are also estimated to be impacted.
Furthermore, grain prices will rise again, according to Máximo Torero, chief economist of the Food and Agriculture Organization of the UN.
Global food prices are also expected to surge, which are now 23% below the record level of March 2022, according to UN data as of early July.