Black Sea Ceasefire Proposal Hangs in Balance as Trade Disruptions Mount

A proposed temporary ceasefire in the Black Sea has been put forth by Ukraine to halt attacks on civilian targets, but Russia is yet to respond.

The proposal was made through a third party and comes as both countries face disruptions to their trade due to escalating attacks on vessels and port infrastructure involved in exports.

Ukraine's grain exports have fallen 76% year-on-year so far in August, with the country warning that a prolonged disruption could have major consequences for its economy.

Russia has also faced disruptions to its own Black Sea trade, including a temporary halt to operations at Novorossiysk port after an Ukrainian attack.