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Attacks on ships have shut down more than 97 percent of Russia's and Ukraine's export capacity in the Azov-Black Sea basin, driving up global food prices.

At least five grain ships have been hit near the Russian ports of Novorossiysk and Tuapse, Bloomberg reported. Russia and Ukraine together account for 27 percent of global wheat exports, and analysts warn of massive consequences.

Global food prices could rise 11.8 percent this year, with wheat, fruit, and vegetables hit hardest. Price hikes in stores are expected by autumn.

After Ukrainian strikes on Black Sea and Azov Sea ports, key terminals have been shut down, and the head of the Russian Grain Union speaks of catastrophic damage.

The proposal was sent to Russia via a third party, but no response from Moscow has yet arrived

Attacks on merchant ships and the collapse of insurance have blocked 90 percent of Ukraine's grain exports, and alternative routes cannot offset the losses.

After the halt of Black Sea port operations, all freight traffic has been redirected to land border crossings, creating massive congestion.

The Food and Agriculture Organization's (FAO) food price index reached its highest level since January 2023 in July, driven by wars, adverse weather, and rising costs.

July saw a dramatic surge in attacks on ships and ports, driving up freight and insurance costs and disrupting key trade routes.