Wheat Prices Soar After Russia Threaten Attack On Vessels Heading To Ukraine
Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets.
Russia pulled out of a deal this week that had guaranteed safe passage for grain shipments through the black sea.
A White House spokesperson accused Russia of planning to blame Ukraine for attacks on civilian ships.
Russia’s President Vladimir Putin said he would return to the grain agreement immediately if his demands were met.
They include reconnecting Russia’s Agricultural Bank to a global payment system.
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Following previous air strikes around Odesa this week, Ukraine’s President Volodymyr Zelensky accused Russia of deliberately targeting grain export infrastructure and putting vulnerable countries at risk.
Kyiv urged other countries in the black sea region to intervene to assure the safe passage of cargo ships.
Wheat prices on the European stock exchange soared by 8.2% on Wednesday from the previous day, to €253.75 (£220; $284) per tonne, while corn prices were up 5.4%.
US wheat futures jumped 8.5% – their highest daily rise since just after Russia’s February 2022 invasion of Ukraine.
Earlier President Vladimir Putin said he would return to the international grain agreement immediately if his demands were met. They include lifting sanctions on sales of Russian grain and fertilizer and reconnecting Russia’s agricultural bank to a global payment system.
Russian air strikes on the Black Sea coastal cities meanwhile continued for a third night, leaving more than 20 people wounded in Odesa and Mykolaiv.
