A ship carrying grains along the Bosphorus Strait in Istanbul, Turkey (Photo: AFP/ VNA)

Speaking to reporters, Erdogan said that the deal will hopefully be renewed from its current July 17 deadline as results of the efforts by the United Nations and Turkey.

The UN and Turkey brokered the Black Sea Grain Initiative with Russia and Ukraine in July 2022 to help alleviate a global food crisis.

Edorgan said Turkey is preparing to welcome Putin in August and they have agreed on the issue of extending the Black Sea grain export.

Kremlin spokesperson Dmitry Peskov said that Russia is still deliberating on its further actions regarding the Black Sea Grain Initiative.

The initiative, which Erdogan helped broker, has allowed Ukraine to ship more than 32 million tons of grain past in the Black Sea. Much of the grain has gone to feed people in developing countries in Africa, the Middle East and elsewhere.

If the exports were again blocked, food prices could spiral even higher.