Russia's Grain Exports at Risk Amid Black Sea Attacks
Russia's grain exports are at risk of being severely impacted due to ongoing attacks on its ships and ports in the Black Sea. The Union of Grain Exporters and Producers, Russia's main grain lobby group, has warned that these attacks could lead to a complete blockage of export corridors in the region.
The union stated that the consequences of the attacks would be felt by many countries in the near future, with a potential shortfall in supply of Russian wheat reaching 30-35 million metric tons this season. This accounts for around 15 per cent of total global wheat trade.
Russia is the world's largest wheat exporter, and Ukraine is also a major agricultural exporter. The two countries have been attacking each other's export facilities and commercial vessels in the Black Sea area in recent weeks.