Russia's Shipping Woes: Consequences of Attacking Ukraine's Wheat Exports

Russia's lack of ships and reduced appetite from Western grain traders are increasing the costs of moving Russian wheat, as the war in Ukraine threatens vital Black Sea supply routes. President Vladimir Putin's decision to end an arrangement that allowed Ukrainian grain safe passage in the Black Sea has led to a de-facto blockade on Ukraine and attacks on storage facilities. In response, Ukraine has targeted Russian vessels, adding to the risks of transport in the region. The situation is raising doubts about Russia's ability to maintain its record pace of wheat exports and could potentially drive up global wheat prices.