What Happened: Russian and Ukrainian officials signed a deal brokered by Turkey and the United Nations allowing the export of grain from three Ukrainian Black Sea ports, Reuters reported July 22.

Why It Matters: The deal should allow a backlog of more than 20 million tons of Ukrainian grain to reach global markets, which will significantly slow the rise of global food prices that are threatening global stability and economic growth. The first grain shipments may begin in a matter of days, but the agreement is not expected to enter full force for a few weeks, as Ukrainian officials have said Ukrainian ports need approximately 10 days to prepare. The grain exports are essential to the continued functioning of Ukraine's war-torn economy; Russia is likely cooperating to deflect accusations, in particular from current and potential partners in the developing world, that its actions are to blame for rising food prices.

Background: The agreement will last 120 days with the possibility of an extension, and it aims to enable Ukraine to export 5 million metric tons of grain each month, which is just below Ukraine's prewar average of around 6 million metric tons. All ships headed for Ukraine will be inspected at a Turkish port by a team of representatives from all parties to the agreement in order to assuage Russian concerns about ships delivering weapons to Ukraine.