Russia Warns of Chaos in Global Food Market
The three largest grain terminals in the Black Sea port of Novorossiysk have halted operations following a massive drone attack, sending Chicago wheat futures up 4 percent, the biggest gain in three weeks.
The three largest grain terminals in the Black Sea port of Novorossiysk have halted operations following a massive drone attack, sending Chicago wheat futures up 4 percent, the biggest gain in three weeks.
Russia on Wednesday accused Ukraine of deliberately causing chaos in the global food market, after Ukrainian drones struck the three largest grain terminals in the Black Sea port of Novorossiysk overnight. According to Russian sources, three people, including a child, were killed in the attacks, and the terminals sustained severe damage, forcing them to suspend operations.
Russian Foreign Ministry spokeswoman Maria Zakharova said it was "obvious that the cynical military campaign of the Kyiv regime to cause chaos in the global food market ... serves the interests of certain Western nations," as reported by the South China Morning Post. She added that the disruptions exacerbate grain and fertilizer shortages and put additional pressure on countries of the Global South and East.
According to information published by the South China Morning Post, citing informed sources, grain shipments from Novorossiysk are currently impossible due to severe infrastructure damage. At the United Grain terminal, a loading gallery collapsed, and several silos were damaged. Damage was also recorded at the terminal operated by Demetra, including the gallery and the truck unloading facility. The KSK terminal was also hit.
In recent weeks, Russia and Ukraine have intensified attacks on commercial vessels and ports in the Black Sea, raising concerns about supply security amid this year's harvest. Together, the two countries account for more than a quarter of global wheat exports, with Russia remaining the world's largest exporter.
Following the attack on Novorossiysk, Chicago wheat futures surged up to 4 percent on Wednesday, marking the biggest daily gain in three weeks. Meanwhile, Ukraine's agriculture ministry reported that its grain exports in the first two weeks of August fell 76 percent compared to the same period last year.
Ukraine has stepped up attacks on Russian economic infrastructure, which it claims supports Moscow's war efforts. Although this topic has no direct connection to Croatia, disruptions in the global grain market could be reflected in food prices on the Croatian market through rising prices on world exchanges.
