STORY: Russia has suspended participation in the Black Sea deal that allowed Ukraine to export its grains.

Moscow announced the move Monday (July 17).

It came just hours after an alleged attack on the bridge to Crimea, but officials denied there was any connection.

Kremlin spokesman Dmitry Peskov said the West had failed to implement measures intended to facilitate Russian exports:

"The grain deal has halted. As soon as the Russian part of the deal is fulfilled, the Russian side will resume the fulfilment of this deal without delay.”

The last ship carrying grain left Ukraine on Sunday (July 16).

Nearly 33 million tons of corn, wheat and other grains had been exported by the country under the deal.

Now Moscow’s move will raise concern over global food supplies and prices.

Carlos Mera is head of research for agricultural commodities at Rabobank.

He says developing nations look vulnerable:

“So prices will go up. That will mean more food insecurity at a time when, of course, countries, especially underdeveloped countries, are struggling with debt in many cases. So we will expect food security to become an even more pressing topic in the future.''

The initial market reaction to the deal’s demise was muted.

Wheat futures rose around 3%.

Traders said there was a view that the EU and other suppliers would be able to satisfy demand.

But leaders remain concerned, and will hope to revive the agreement.

Turkish President Tayyip Erdogan said he would discuss it with Vladimir Putin at an expected meeting in August.

Erdogan said he believed the Russian leader wanted the pact to continue.