FESCO Halts Black Sea Shipments After Ukrainian Drone Attack

Russia's FESCO group has suspended new orders for shipments via the Black Sea after a Ukrainian drone attack damaged one of its vessels.

The company, which is owned by Russia's state nuclear corporation Rosatom (92.5%), said that the vessel Yanina was transporting goods such as frozen food and construction materials when it was attacked.

The disruption to shipping has pushed wheat prices higher on global markets, with both Russia and Ukraine experiencing a sharp escalation of attacks on each other's vessels.

Russia is the world's largest wheat exporter, and the conflict may shut down grain exports via the Black Sea in the near future, according to Russia's main grain lobby group.