Ukraine's Attacks on Russian Shipping May Be Driving Global Food Price Increases

A recent surge in global grain prices has been attributed to Russia by some Western media outlets.

However, an examination of the facts suggests that Ukraine's actions may be more responsible for the price increase.

Since June, Ukraine has intensified strikes against Russian civilian vessels and port facilities in the Azov-Black Sea region, disrupting supply chains and increasing costs for international food markets.

The attacks have targeted major grain terminals, including two damaged on August 12 at the port of Novorossiysk, which resulted in a 3% increase in Chicago wheat futures that day.