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Thursday, 28 July 2022

Egypt pulls plug on contracts for stranded Ukrainian wheat

GASC cancels contracts for stranded Ukrainian wheat: The General Authority for Supply Commodities (GASC) has pulled the plug on contracts for 240k tons of stranded Ukrainian wheat booked earlier this year, sources told Reuters. The four cargoes were booked for February and March delivery but never set sail due to the Russian invasion in February. The newswire reported in May that around 300k tons of wheat booked by Egypt were stuck in Ukrainian ports. The state grains buyer has released the companies responsible from their contractual obligations, despite their contracts not including a force majeure (unforeseeable circumstances) clause.

Things could be looking up soon: Russia and Ukraine signed a landmark agreement to resume grain exports through the Black Sea last week in a move aimed at averting a global food crisis. Ukraine said that it could start exporting the grain as soon as this week.

Crypto cometh? Bahrain-based cryptocurrency trading platform CoinMENA has expanded service to Egypt and is now allowing residents to open accounts, link their bank accounts, and trade crypto. The CBE maintains a blanket ban on crypto in Egypt.

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