"Black Sea Wheat War: Russia's Shipping Challenge and Escalating Risks"

Russia's lack of ships and Western grain traders' reluctance to do business with Moscow are driving up the costs of moving Russian wheat. The war in Ukraine has escalated, with sea-drone attacks on Russian vessels, posing risks to transport in the Black Sea. These challenges, along with the financial and security risks associated with trading with Russia, are pushing Moscow towards older and smaller vessels operated by less established shipping companies. The situation raises doubts about Russia's ability to maintain its record pace of wheat exports and could potentially lead to higher global wheat prices.