The passage of a cargo ship from Ukraine to Turkey this week vindicated Kyiv’s gamble that Russia would not act on threats to attack commercial shipping in the Black Sea. But the successful gambit leaves a bigger question for Ukraine: Will any other commercial vessels follow the Joseph Schulte and dare to call Russia’s bluff?
Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets, BBC reported. Moscow pulled out of a deal this week that had guaranteed safe passage for grain shipments through the Black Sea.
London’s insurance industry is gearing up to cover Ukrainian grain and fertilizer shipments via a safe corridor, which could require up to US$50 million per insured cargo, industry sources said this week.
Just one day after signing a truce with Ukraine to allow for the export of grains through three Black Sea ports, Russia launched an attack on Odessa to destroy a ship and a shed containing U.S. missiles, the Kremlin argued.