Ukrainian Attack Targets Russian Wheat Gate
A major Russian terminal at the Novorossiysk port, which is the largest Russian port in terms of cargo volume, was damaged due to Ukrainian drone attacks overnight, leading to a complete suspension of its operations until damage assessments are completed and exports can resume. This terminal is vital, accounting for about a third of Russian grain exports, with an annual capacity of 6.5 million tons, and plans are in place to increase this capacity. These attacks come amidst a rise in targeting commercial facilities in the Black Sea, impacting grain trade, which is currently facing restrictions as well as increased shipping and insurance costs. This situation is further complicated by Russia and Ukraine targeting ports and vessels, adding pressure on Russian wheat exports, which are primarily directed to Egypt, Turkey, and countries in the Middle East and Africa.
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