Commodities
Russia Bolsters Ship Protection Amid Escalating Black Sea Attacks
Russia has stepped up protection of ships in the Azov-Black Sea basin following a sharp escalation of attacks at sea by both sides in the war in Ukraine.
The Russian transport ministry said it had set up a task force to find new routes and switch cargo flows to other modes of transport, with several stevedoring companies expressing readiness to handle additional cargo volumes.
Russia's main grain lobby group warned that Ukrainian drone attacks on Russian ships and ports could shut down grain exports via the Black Sea in the near future, pushing up prices and causing hunger in Africa and the Middle East.