Black Sea Tensions Spark Grain Price Fears

Tensions in the Black Sea have escalated due to attacks on ships, which may lead to a significant increase in grain prices. According to Sputnik/RIA Novosti, Turkish business representatives warn that if the problem is not resolved within two months, global grain prices could rise by 10-12%. The attacks, carried out by Ukrainian drones, have targeted over 206 ships in July alone, including vessels under Turkish operators.

Kazim Tayci, chairman of the Istanbul Cereals, Pulses, Oil Seeds and Products Exporters' Association, stated that if the process continues for five months, about 150 ships could be sent for scrap, and around 20 leading shipowners could disappear from the market. Captain Mustafa Can, general manager of Transbosphor Denizcilik, added that shipowners are no longer making sufficient profits due to declining financial stability.

The Turkish government is in contact with Moscow and Kyiv regarding Black Sea shipping security issues. The attacks on civilian vessels have been condemned by both Russian Ambassador Sergei Vershinin and Kremlin spokesman Dmitry Peskov.