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Russia Ends U.N. Food Deal, Oil Prices Surge

7/14/2025

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Summary

Russia Ends Food Agreement

On July 12, Russia declared the breakdown of its U.N. food export agreement, attributing the failure to Western sanctions. This crucial deal, intended to stabilize global food prices, will conclude on July 22. In response, oil prices surged as the U.S. gears up for new sanctions, with the EU readying its 18th package aimed at Russian oil.

Summary

Fico Negotiates Gas Supplies

Slovakia is racing against the clock to secure an agreement with the EU by July 15 on Russian gas supplies and sanctions. Prime Minister Robert Fico is determined to safeguard national interests, as the country currently holds up the 18th sanctions package, wary of the proposed 2028 phase-out of Russian gas imports and its potential economic fallout.

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Russia Ends Food Agreement

On July 12, Russia declared the breakdown of its U.N. food export agreement, attributing the failure to Western sanctions. This crucial deal, intended to stabilize global food prices, will conclude on July 22. In response, oil prices surged as the U.S. gears up for new sanctions, with the EU readying its 18th package aimed at Russian oil.

1 / 2