You are poor. Not in the money sense. But in the time sense. I'm also poor. Like you, I suffer from "time poverty". We all do.

In today's fast-paced world, time poverty has become a pressing issue, impacting our happiness and productivity. Our constant connection to technology and obsession with work and money have left us feeling overwhelmed. 

Harvard Business School psychologist Ashley Whillans says that the rising rates of time poverty "have crushing effects on our happiness, our social relationships, and our physical health. Time poverty silences our laughter, steals our joy and depletes our personal well-being."

All is not lost though. By understanding the root causes and implementing effective self-nudging strategies, you can reclaim your time and enhance your well-being, in both your professional life and personal life. Let's look at why we experience time poverty in the first place.

Technology and fragmented leisure

Our constant use of smartphones, tablets, and laptops has fragmented our leisure time into small distracted moments. Whillans and her team call this "time confetti." It's like having a virtual ticker tape parade of tiny moments slipping through your fingers. 

We don't think it's that much. But the constant checking of your phone - an email here, an Instagram scroll there, and before you know it, you've got nothing to show but a craned neck and two sore thumbs. 

The Misconception of money's influence

Society has taught us that money is the key to happiness, but research shows that it only protects against sadness and doesn't guarantee joy. Money can't buy you love, and it certainly can't buy you extra hours in a day. 

"My data suggests that time poverty is also caused by our obsession with work and making money," says Whillans. "We are taught - and incorrectly believe - that money, not time, will bring us greater happiness." 

Money is important. But it isn't everything. Perhaps the new rallying cry for the Future of Work is to shift your focus from chasing dollar bills to cherishing the precious moments that make life truly fulfilling, or at least more fulfilling than the pursuit of money alone.

Strategies for "time abundance"

Reclaiming our time requires intentional choices. Here are three strategies that will make you the time management superhero you were always meant to be:

• Prioritizing meaningful activities: Allocate time for activities that bring joy, such as socializing, volunteering, and exercising. Remember, no matter how busy you are, there's always time for a good laugh with friends.
• Outsourcing and delegation: Identify tasks that drain your time and energy, and consider outsourcing or delegating them. After all, who wants to spend their weekends battling dust bunnies when you could be out exploring the world or indulging in your favorite hobbies?
• Maximizing found moments: Utilize small pockets of free time, like during commutes or waiting in line, for meaningful interactions. Instead of scrolling mindlessly through your phone, strike up a conversation with the person next to you. Call a friend or a parent. Research shows, after all, that stranger conversations can make us feel good - better than we think they do.

Inc

President Bola Tinubu has ordered the immediate review of the proposed N8000 conditional cash transfer to Nigerians to cushion the effect of the petrol subsidy removal. 

In a statement on Tuesday night, Dele Alake, special adviser on special duties, communications and strategy, said Tinubu has also directed that the whole gamut of the palliative package of government be unveiled to Nigerians.

“That the N8,000 conditional cash transfer programme envisaged to bring succour to most vulnerable households be reviewed immediately. This is in deference to the views expressed by Nigerians against it,” the statement reads.

The Cable

Nigeria’s monthly inflation rate soared to a seven-year high in June, after President Bola Tinubu scrapped fuel subsidies and allowed the currency to weaken before declaring a state of emergency to control staple food costs.

Prices rose 2.1% in the month, the most since May 2016, and annual inflation quickened to 22.8% from 22.4% in May, according to the data published on the National Bureau of Statistics’ website. That was less than the median estimate of seven economists in a Bloomberg survey of 23%.

The annual and monthly upswings were fueled by higher food prices. Annual food inflation quickened to 25.3% in June from 24.8% a month earlier and monthly to 2.4% from 2.2%

Since taking over as president from Muhammadu Buhari in late May, Tinubu has rid the country of costly fuel subsides introduced in the 1970s and eased foreign-exchange controls, which have driven up transport and import costs.

The currency has dropped about 40% against the dollar over the past month and pump prices have almost tripled.

The acceleration in both annual and monthly inflation, and expectations that price pressures will remain elevated may persuade the central bank’s monetary policy committee to increase interest rates later this month.

The impact of the subsidy removal and exchange rate weakness will likely filter through into the July data, Bismarck Rewane, chief executive officer of Financial Derivatives Co. in Lagos said by phone.

“The exchange rate effect came up at the end of June, into July. The price of wheat for instance was increased on July 1. The price of bread is going up on July 27,” Rewane said. “The inflation rate will be nothing less than 25% or 26% for July.”

The MPC has lifted rates by 700 basis points since May 2022 to 18.5% to contain an inflation rate that’s been at more than double the top end of its 6% to 9% target range for over a year. It raised rates by 50 basis points at its two previous meetings.

“Another 50 basis points is what I believe will be delivered by the next meeting, because inflation expectations are still very much on the rise due to ongoing foreign currency and fiscal reforms,” Mosope Arubayi, an economist at IC Group said ahead of the release.

The MPC is due to deliberate on interest rates on July 24-25, at a meeting to be presided over by Folashodun Shonubi, who has been acting as governor since Godwin Emefiele was suspended last month.

Bloomberg

Peoples Democratic Party (PDP) has accused the All Progressives Congress (APC) of trying to intimidate the judiciary and trigger crises in the country.

Tinubu had asked the election tribunal to dismiss the petition seeking to nullify his election on the grounds that he did not secure 25 percent of lawful votes cast in the federal capital territory (FCT).

In a statement on Monday, Debo Ologunagba, PDP spokesperson, said the threat of a crisis and anarchy by the president is not only subversive but an affront to democratic order and an assault on the corporate existence of the nation.

“It is alarming and disturbing that the APC externalized to the public, their final written address in which they also threatened national peace if the court upholds the clear provisions of section 134 of the constitution of the federal republic of Nigeria 1999 (as amended) with regard to the mandatory and statutory requirements for which a candidate in a presidential election can be declared winner,” the statement reads.

“The threats, either through counsel or officials of the APC are calculated to intimidate and harass the judiciary and indeed Nigerians.

“The PDP holds that the clear intent of the APC is to blackmail the court and emasculate the independence of the judiciary to discharge its duties in accordance with the dictates of the law.

“This action is ostensibly to set the stage to orchestrate violent crisis in various parts of the country with the intention to further blackmail the PEPC.

“We ask, why is the APC externalizing their final written address to the public? Is the APC being pre-emptive and now seeks to heighten tension, subvert the judicial process and trigger anarchy, having realized the weakness of their case before the PEPC?

“The PDP however cautions and emphasizes that Nigeria is a country of rule of law. The statutory requirements for a winner in a presidential election as provided by the constitution of the federal republic of Nigeria 1999 (as amended) and the electoral act, 2022 are clear and unambiguous.”

The opposition party asked the APC to respect the provisions of the law and allow the judiciary to discharge its duties independently, without threats, intimidation and coercion.

“Contrary to the doomsday claims of the APC and its lawyers, upholding the provisions of the constitution and the laws at this point will rather promote peace and stability in the polity, deepen our democracy and engender confidence in the institution of the judiciary,” the party added.

The PDP called on Nigerians to remain calm, alert and hopeful in the ability of the judiciary to dispense justice accordingly.

The Cable

Labour Party (LP) has told President Bola Tinubu that his removal from office by the court will not cause anarchy in the country.

Tinubu had asked the presidential election tribunal to dismiss the petition filed by LP seeking to nullify his victory on the grounds that he did not secure 25 percent of the lawful vote cast in the federal capital territory (FCT).

Tinubu, through Wole Olanipekun, his counsel, in a final written address to the tribunal against the petition, said the FCT is the 37th state for electoral purposes and any other interpretation would “lead to absurdity, chaos, anarchy and alteration of the very intention of the legislature”.

Olanipekun said the petition is novel and not familiar with the country’s electoral laws.

Reacting, the LP in a statement on Monday by Obiora Ifoh, national publicity secretary of the party, said Tinubu’s comment was unnecessary since the matter is before the court.

The LP said the All Progressives Congress (APC) must be cautious in its approach to the matter which is still in court, noting that no amount of pressure on the judges in the court can change the processes and requirements that the law has put in place.

“We are worried that the statement which formed part of his submissions and was contained in his final written address against the Labour Party’s petition pending at the PREPEC, and meant to be in the exclusive custody of the court was leaked to the media,” the statement reads.

“We still do not know the reason behind this act of desperation, even when the matter is still pending in court. We will however be careful not to term the action as sub-judice.

“Having said that, the Labour Party thinks that the statement was unnecessary since the matter is already before the court, and going ahead to pontificate on it could be construed as interference in the duties and responsibilities of the judiciary.

“The truth of the matter is that there are no sentiments when it comes to matters of law. The law is the law and once the law has stipulated the manner and how a matter must be carried out, it must follow that pattern.

“If the law has stated the requirement that a presidential candidate must meet before he can be declared, there is no shortcut to it.

“Therefore, if the constitution which is the ground norm of the law in Nigeria has stated clearly that you must score at least 25 percent in FCT before the president can be declared, anything short of that can not remedy it.

“We insist that no amount of threat from the APC on the judges in the court can change the processes and requirements that the law has put in place. It must be followed and that is the position of the Labour Party.

“Let me assure the APC and their leaders that if there were no absurdity, chaos, and anarchy when they forced their way into power, Nigeria will still witness peace when they are eventually evicted from power.”

The Cable

All Progressives Congress (APC) has suspended its planned national caucus and national executive committee (NEC) meetings.

Abubakar Kyari, acting national chairman of the APC, spoke to reporters after an emergency gathering of the party’s national working committee (NWC) on Monday.

The NWC sit-down which was held at the party’s headquarters in Abuja was called after the “resignation” of Abdullahi Adamu and Iyiola Omisore as national chairman and national secretary of the ruling party, respectively.

Kyari said the change in the party’s leadership necessitated the postponement of the meetings.

The acting national chairman said a new date for the meetings would be communicated to the public in due course.

“With this recent development in the change of leadership, I would like to inform everybody here that the proposed national caucus meeting slated for Tuesday the 18th July 2023 and the NEC meeting of the APC slated for Wednesday 19th July 2023 are hereby postponed,” he said.

“The postponement is not indefinite but a new date will be communicated in the near future. This is our announcement today and information to you our dear friends.”

When asked how the party would recover its funds, Kyari said: “There are no allegations at this point, the two individuals have resigned voluntarily and that is what is available at this moment.”

TheCable reported how the failure of Adamu to account for over N30 billion that accrued to the party from the sale of nomination forms in the build-up to the general election was the “last straw” that led to his ouster.

The Cable

Akure North Local Government Area has been thrown into grief and shock by the death in quick succession of its chairman and vice chairman.

The chairman, Bankole Ogbesetore, was the first to die on Tuesday. He was immediately replaced by his vice, Anthony Adebusola, as acting Chairman.

But Adebusola, too, died four days later on Saturday, sending shocks and grief across the local government area and Ondo state.

A political leader in the area and former commissioner for Sports and Youth Development in the state, Saka Ogunleye, was among the first to confirm the development on social media.

“It is on a sad note, painful and pathetic, that I’m here again to announce the tragic death of our council vice chairman Anthony Adebusola,” Ogunleye said.

“This unfortunate death occurred yesterday after a brief illness. Painful that we lost both our elected council chairman and his amiable, loyal vice chairman within one week.

“Like a bad movie, so sad a story. Ko ye mi oo. I urge you all to pray for us and the family members the two of them left behind.”

The state’s acting governor, Lucky Aiyedatiwa, had paid a condolence visit to the residence of the late chairman last week.

Reports have it that Ogbesetore had been ill for over a year.

PT

Federal Government has officially confirmed the first case of anthrax in the country.

A statement released by the Federal Ministry of Agriculture and Rural Development Monday signed by Columba T. Vakuru, Chief Veterinary Officer of Nigeria, said animals showing signs of a possible case of anthrax on a farm in Suleja, Niger State, were reported to the Office of the Chief Veterinary Officer of Nigeria on July 14, 2023.

“The case was in a multi-specie animal farm comprising of cattle, sheep and goats located at Gajiri, along Abuja-Kaduna express way Suleja LGA Niger State, where some of the animals had symptoms including oozing of blood from their body openings – anus, nose, eyes and ears.

“A Rapid Response team comprising of federal and states One Health Professional Team visited the farm to conduct preliminary investigations and collected samples from the sick animals. Subsequent laboratory tests by the National Veterinary Research Institute laboratory confirmed the diagnosis, marking the first recorded case of anthrax in Nigeria in recent years,” the statement reads in part.

The federal government issued a warning to Nigerians weeks ago after learning of an anthrax outbreak in Northern Ghana where all infected animals had died.

Anthrax is caused by the spore-forming bacterium Bacillus, which mostly affects livestock like cattle, sheep, and goats. However, it can also infect people who come into contact with infected people or contaminated animal products like meat, wool, or skins. Anthrax that spreads via the skin might result through open wounds or contact with contaminated objects, while anthrax that spreads through the air can happen when spores are inhaled.

The federal government appealed to Nigerians to “immediately report cases of animals bleeding from body openings to veterinary authorities, or agriculture extension workers.”

“The blood of an anthrax-infected animal does not clot. Do not process or move the dead or sick animal, quickly report to your veterinary doctor or veterinary authorities at the ministry of agriculture in your state,” the statement advised Nigerians.

Daily Trust

Poultry farms across the country are currently shutting down operations due to the persistent hike in the price of maize – a major feed for birds in the subsector, the Poultry Association of Nigeria said on Monday.

Based on this, PAN stated that the poultry subsector in Nigeria was heading for a crash if the government failed to salvage the industry.

In a statement on Monday, the association said, “At the moment, the poultry industry in Nigeria is on the verge of total collapse if urgent intervention is not channelled to it without further delay.

“We are aware that the government has declared a state of emergency on the food security situation of the country, but the situation of the poultry industry calls for an urgent intervention to save the industry from total collapse.”

The statement, which was jointly signed by PAN’s National President, Sunday Ezeobiora, and Director-General, Onallo Akpa, stated that there had been an upward surge in the cost of maize, forcing farmers to shut down their operations.

It said, “The high surge in the price of maize and the near absence or scarcity of the product is causing farmers to close down their poultry farms at the moment because it is no longer sustainable to feed the birds and be in business.

“This is threatening the further development of the Nigerian poultry industry.”

Findings also revealed that the price of eggs, a daily protein source for many Nigerians, had soared by over 118.34 per cent after maize importation fell by 97.91 per cent.

According to data obtained from the National Bureau of Statistics, the price of one agric egg medium size rose to N89.17 as of May 2023 from N40.84 as of May 2020. This was as the importation of maize, a major component of poultry feeds, fell to $1.82m as of the end of 2022 from $87.08m as of the end of 2020 according to data from the International Trade Center.

According to farmers who spoke with our correspondent, maize is a major component (60 per cent to 70 per cent) of poultry feed, and the increase in the cause of maize because of an import ban had translated to a rise in the price of eggs for the average Nigerian.

In 2020, the Federal Government banned the importation of maize into the country as the CBN added maize to the list of items restricted from accessing foreign exchange.

While Nigeria had banned the importation of maize, its local production has also suffered due to sustained banditry in the north.

A circular signed by the Director, Trade and Exchange Department, CBN, OS Nnaji, in 2020 stated, “As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs which were lost as a result of the ongoing Covid-19 pandemic, authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect.”

The FG later gave concessions to four companies (Premier Feeds, Mills Wacot, Chi Farms, and Crown Flour) to import 262,000 tonnes of maize because of the importance of maize to the poultry industry. Nigeria has 400,000 metric tonnes of maize production shortfall.

According to a farmer, Azeez Gbadamosi, the continued increase in the price of eggs was directly related to the increase in feeds. He said, “The increase in the price of eggs is due to the cost of feeds. Almost every week, the cost of feeds rises.

“Also, there is the cost of medication, transportation, and others too. The cost of feeds is majorly increasing because of the cost of maize; you know maize makes up more than 50 per cent of the feed. The cost of maize is on the rise because local production has really been hindered.”

Another farmer, who is also a veterinary doctor, Akintade Akintayo, said that the price of feeds was the major reason why egg prices were rising. He lamented that in the last two weeks, the price of New Hope feeds, a poultry feed, had increased thrice.

The farmer,  who operates Atade Farms, said, “Maize is like 60 per cent to 70 per cent of the whole feeds. The increase in the price of maize is one of the major factors. Maize is expensive because a few years ago, the importation of maize was limited. And the bulk of the maize we use for many of our general activities, including human consumption, is imported.”

Punch

WESTERN PERSPECTIVE

Russia launches drones, missiles on Ukraine's south and east - Ukraine's Air Force

Russia launched overnight air attacks on Ukraine's south and east using drones and possibly ballistic missiles, Ukraine's Air Force and officials said early on Tuesday.

A fire broke out at one of the "facilities" in the port of Mykolaiv late on Monday, the city mayor said. The port city provides Ukraine with access to the Black Sea.

"It's quite serious," Mayor Oleksandr Senkevich said on the Telegram messaging app of the fire, adding that more detail will come in the morning.

The southern port of Odesa and the Mykolaiv, Donetsk, Kherson, Zaporizhzhia and Dnipropetrovsk regions were under threat of Russian drone attacks, the Air Force said on the Telegram messaging app.

It added that Russia may be using ballistic weaponry to attack the regions of Poltava, Cherkasy, Dnipropetrovsk, Kharkiv and Kirovohrad.

Reuters could not independently verify the reports.

Air raid alerts blared in many Ukrainian regions for hours, before being called off at around 04:30 a.m. local time (0130 GMT).

Oleh Kiper, head of the Odesa region's military administration, said air defence systems there were engaged in repelling several waves of Russian drone attacks.

Serhiy Bratchuk, a spokesperson for Ukraine's Odesa military administration, said on the Telegram messaging app that details of the attack will come later in the morning.

"Thank you all for your endurance," he said.

There was no immediate comment from Russia on the attack.

Early on Monday, a blast knocked out the Crimean Bridge linking Russia to the Crimean Peninsula, which Moscow annexed from Ukraine in 2014, in what Moscow called a strike by Ukrainian sea drones and vowed retaliation

** Road traffic partially restored on Crimean Bridge - Russia deputy PM

Partial road traffic opened on one lane of the Crimean Bridge late on Monday, Russian Deputy Prime Minister Marat Khusnullin said on his Telegram channel.

"Motor transport on the Crimean Bridge has been restored in reverse mode on the most outer right lane," Khusnullin wrote on Monday.

However, ferry operations were suspended early on Tuesday, due to bad weather, Russian agencies reported, citing the Moscow-backed emergency situations ministry of Crimea.

Early on Monday, a blast knocked out the bridge linking Russia to the Crimean Peninsula, which Moscow annexed from Ukraine in 2014, in what Moscow called a strike by Ukrainian sea drones.

** Russia halts grain deal in what UN calls blow to needy people everywhere

Russia halted participation on Monday in the year-old U.N.-brokered deal that lets Ukraine export grain through the Black Sea, causing concern in poorer countries that price rises will put food out of reach.

Hours earlier, a blast knocked out Russia's bridge to Crimea in what Moscow called a strike by Ukrainian sea drones, killing two people. Moscow said it was a terrorist attack on the road bridge, a major artery for Russian troops fighting in Ukraine.

The Kremlin said there was no link between the attack and its decision to suspend the grain deal, over what it called a failure to meet its demands to implement a parallel agreement easing rules for its own food and fertilizer exports.

"Unfortunately, the part of these Black Sea agreements concerning Russia has not been implemented so far, so its effect is terminated," Kremlin spokesman Dmitry Peskov told reporters.

U.N. Secretary-General Antonio Guterres signalled that Russia's withdrawal meant that the related pact to assist Russia's grain and fertilizer exports was also terminated.

"Today's decision by the Russian Federation will strike a blow to people in need everywhere," he told reporters.

Moscow said it would consider rejoining the grain deal if it saw "concrete results" on its demands but that its guarantees for the safety of navigation would meanwhile be revoked.

In Washington, the White House said Russia's suspension of the pact "will worsen food security and harm millions" and U.S. Secretary of State Antony Blinken called it unconscionable.

IMPACT COULD BE PROFOUND IN AFRICA

Ukraine and Russia are some of the world's biggest exporters of grain and other foodstuffs and any interruption could drive up food prices across the globe.

Shashwat Saraf, the emergency director in East Africa for the International Rescue Committee (IRC), said the impact would be profound in Somalia, Ethiopia and Kenya, which have been facing the Horn of Africa's worst drought in decades.

"I don't know how we will survive," said Halima Hussein, a mother of five living in a crowded camp in Somalia's capital Mogadishu for people displaced by years of failed rains and violence.

Ukraine's President Volodymyr Zelenskiy raised the prospect of resuming grain exports without Russia's participation, suggesting Kyiv would seek Turkey's support to effectively negate the Russian de facto blockade imposed last year.

"Ukraine, the U.N. and Turkey together can ensure the operation of a food corridor and vessel inspections, Zelenskiy said in his nightly video message, saying said the world "has the opportunity to show that blackmail is not allowed ... We must all ensure security, protection from Russian madness."

RUSSIAN OFFENSIVE

Ukrainian forces have been striking Russian supply lines as it pursues a counteroffensive to drive Russian forces out of its south and east. On Monday it reported two more civilians killed by Russian forces, which it said had begun a major push in the northeast.

"For two days running, the enemy has been actively on the offensive in the Kupiansk sector in Kharkiv region. We are defending. Heavy fighting is going on and the positions of both sides change dynamically several times a day," Deputy Defence Minister Hanna Maliar, wrote on Telegram.

The armed forces said Russia had amassed a huge array of forces.

"In the Lyman-Kupiansk sector the enemy has concentrated a very powerful grouping. More than 100,000 personnel, more than 900 tanks, more than 555 artillery systems, and 370 multiple launch rocket systems," Serhiy Cherevatyi, spokesperson for the Ukrainian Armed Forces East group, said on national TV.

Reuters was not able to verify the accounts and there was no immediate comment from Russia.

The blast on the road bridge to Crimea could limit Moscow's ability to supply its troops in southern Ukraine, although Russian President Vladimir Putin said the bridge had not been used for military transports for a long time. Partial road traffic had been restored, Russian Deputy Prime Minister Marat Khusnullin said on Telegram.

Earlier, images showed part of the road bridge had come down and traffic halted in both directions, although a parallel railway bridge was still operational. Blasts were reported before dawn on the 19-km (12-mile) bridge, which Putin ordered built after seizing and annexing Crimea from Ukraine in 2014.

Putin told officials Russia would respond to the "senseless" attack.

Ukrainian media quoted unidentified officials as saying Ukraine's Security Service (SBU) had deployed maritime drones against the bridge. SBU spokesperson Artem Dekhtyarenko alluded to the idea that the agency would reveal details after Ukraine won the war, without directly claiming responsibility.

Ukraine says the bridge is illegal. It was hit by a massive explosion and fire in October.

The grain deal was hailed as preventing a global food emergency when brokered by the United Nations and Turkey last year.

Global commodity food prices rose on Monday, though the increase was limited, suggesting traders did not yet anticipate a severe supply crisis.

Western countries say Russia is trying to use its leverage over the grain deal to weaken financial sanctions, which do not apply to Russia's agricultural exports.

Russia has extended the Black Sea deal three times, despite repeated threats to quit. It suspended participation after an attack on its fleet by seaborne Ukrainian drones in October, leading to a few days when Ukraine, Turkey and the United Nations kept exports going without Moscow.

Any resumption of shipments without Russia's blessing would probably depend on insurers. Industry sources told Reuters they were studying whether to freeze their coverage.

"The (key) question is whether Russia mines the area which would effectively cease any form of cover being offered," one insurance industry source said.

RUSSIAN PERSPECTIVE

No more security guarantees for Black Sea navigation – Russian FM

Russia will no longer provide security guarantees for civilian vessels traversing the formerly exempted corridor in the Black Sea, the country’s foreign ministry has announced. Earlier on Monday, the Kremlin stated that it would not extend the Black Sea grain agreement since its own food and fertilizer exports are still being blocked.  

In a statement released on Monday, the Foreign Ministry said that this latest decision “means the recall of maritime navigation security guarantees, the discontinuation of the maritime humanitarian corridor [and] the reinstatement of the ‘temporarily dangerous area’ regime in the north-western Black Sea.” Russian diplomats went on to accuse Ukraine of using the humanitarian corridor to carry out attacks on Russian targets.  

As for the Ukrainian grain shipments that were facilitated by the deal, the ministry claimed that the vast majority of those ended up in Europe, with several countries there allegedly lining their pockets.  

The statement pointed out that the whole mechanism, which was launched last summer, had ostensibly been designed to help avert famine in poorer nations.  

According to Moscow, key points in the Russia-UN memorandum, which was signed in lockstep with the Black Sea Initiative, have remained unfulfilled to date.  

As a result, the ministry explained, Russian bank transactions, insurance and logistics were effectively paralyzed, meaning that Moscow could not sell its own produce and fertilizers on the international market. In one case cited in the statement, a shipment of Russian fertilizers donated free of charge to several African countries was blocked in the EU.   

The foreign ministry concluded that in light of all these issues, the agreement no longer makes sense. 

Moscow has suggested European nations should allow Ukraine to transfer its grain via their territory and potentially face the wrath of local farmers, or take action and address Russia’s grievances.  

Should this happen, Moscow would be ready to return to the implementation of the agreement, the statement noted.  

Earlier on Monday, Kremlin spokesperson Dmitry Peskov announced the termination of the deal. He also reiterated Russia’s readiness to return to the mechanism; however, he added that this would only happen if its interests were respected.  

Last week, Russian President Vladimir Putin warned that Moscow would “suspend participation in this deal,” describing the arrangement as a “one-sided game all along.”

** No mercy for terrorists – Medvedev

Terrorist attacks cannot be prevented with the help of negotiations, and only tough and decisive measures can guarantee success, former Russian president Dmitry Medvedev said on Monday.

His comments came after Moscow accused Ukraine of staging a drone attack on the Crimean Bridge, killing two people, and injuring a child.

Writing on Telegram, Medvedev, who now serves as deputy chairman of Russia’s Security Council, said that experience had shown that it is impossible to fight terrorists with “international sanctions, intimidation, and lecturing.”

They [terrorists] understand only the language of force. Only personal and quite inhumane methods.

Against this backdrop, the ex-president suggested targeting the perpetrators in their own homes, and “searching and liquidating their accomplices” without much regard for legal proceedings.

“The main thing is to destroy the top leadership of terrorist groups, no matter in what cracks these insects hide,” he said, adding that such policies are difficult but still possible to implement.

Medvedev's fiery post was an apparent response to a Ukrainian maritime drone attack on Monday targeting the strategic Crimean Bridge, which damaged one of the roadways and claimed the lives of a married couple from Belgorod and injured their daughter, according to Russian officials.

Responding to the incident, Russian Foreign Ministry spokeswoman Maria Zakharova labeled Ukraine a “terrorist regime,” adding that all of Kiev’s decisions are to a large extent controlled by US and British special services and policymakers.

Ukrainian officials did not claim responsibility for the attack but cheered the incident. Mikhail Podoliak, a senior adviser to Ukrainian President Vladimir Zelensky, said that “any illegal structures” used by Russia to supply its troops are “necessarily short-lived... regardless of the reasons for the destruction.”

In early February, Medvedev warned Ukraine that should it conduct a strike on Crimea, it would lead to the escalation of the conflict, while Kiev would face “inevitable retaliation using weapons of any kind.” He also said that such actions would preclude any possibility of talks with the Ukrainian government.

** Russian forces wipe out Ukrainian ammo depots in LPR and DPR — top brass

Russian forces destroyed Ukrainian ammunition depots in the Lugansk and Donetsk People’s Republics (LPR and DPR) over the past day in the special military operation in Ukraine, Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Monday.

"Ammunition depots of the Ukrainian army’s battlegroup Liman, 53rd mechanized and 25th air assault brigades were destroyed in areas near the settlements of Novoyegorovka in the Lugansk People’s Republic, Kramatorsk and Vodyanoye in the Donetsk People’s Republic," the spokesman said.

Reuters/RT/Tass