Following Russia’s withdrawal from the Black Sea Grain Initiative, Vladimir Putin has launched attacks against Odesa and is threatening vessels sailing to Ukraine, causing wheat prices to soar.
Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets following its withdrawal from the Black Sea Grain Initiative.
Russian President Vladimir Putin has ordered multiple air strikes on the port of Odesa, destroying some 60,000 tonnes of grain and damaging considerable parts of its grain export infrastructure.
Putin says he will return to the grain agreement immediately if demands are met, including reconnecting Russia’s agricultural bank to a global payment system.
The Black Sea Grain Initiative was an agreement among Russia, Ukraine, Turkey and the United Nations, created to safely export grain from Ukrainian ports.
