Russia’s decision to withdraw from the Black Sea grain-export initiative and to view any ships in these waters as hostile has been poorly received by other emerging market countries, particularly Egypt. As one of the largest wheat importers, Egypt’s supply minister has urged Moscow to reconsider its position. The Egyptian economy has been hit hard by rising grain prices since Russia invaded Ukraine last year. While global benchmark wheat futures had started to stabilize, they experienced a surge this week following Russia’s termination of the export agreement.