Ukraine Drone Strike Halts , Russian Grain and Oil Exports.
Insider reports that a Ukrainian drone strike near the port of Novorossiysk forced a key Russian export hub to temporarily halt traffic.
Insider reports that a Ukrainian drone strike near the port of Novorossiysk forced a key Russian export hub to temporarily halt traffic.
Whie Kyiv did not officially take responsibility for the attack, sources told the 'Financial Times' that the Ukrainian navy assisted security forces in carrying out the attack.
Novorossiyk houses a Russian naval base and exports approximately 600,000 barrels of oil a day.
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Following news of the attack, wheat futures jumped up 3.5%, while Brent crude futures rose 0.6%.
Insider reports that the news comes after a series of Russian attacks on Ukraine's grain export infrastructure.
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Moscow is waging a battle for a global catastrophe.
, Volodymyr Zelensky, Ukrainian President, via Market Insider.
In their madness, they need world food markets to collapse, they need a price crisis, they need disruptions in supplies, Volodymyr Zelensky, Ukrainian President, via Market Insider.
In their madness, they need world food markets to collapse, they need a price crisis, they need disruptions in supplies, Volodymyr Zelensky, Ukrainian President, via Market Insider.
The attacks come after Russia refused to honor a key grain deal with Ukraine that allowed for the safe passage of 33 million tons of crops.
The attacks come after Russia refused to honor a key grain deal with Ukraine that allowed for the safe passage of 33 million tons of crops.
Insider reports that Ukraine's ability to carry out drone strikes presents a new threat to Russia's commodity exports, already impeded by price caps and sanctions.
According to drone-expert Stephen Wright, it is unlikely that the attack will be a one-off event, as Ukraine looks to ramp up attacks with bigger, more powerful sea drones
