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Escalating naval warfare in the Black and Azov Seas is disrupting civilian shipping and threatening global grain supplies

Executive summary: Naval hostilities in the Black and Azov Seas have intensified, with both Ukrainian and Russian forces targeting civilian vessels and port facilities, severely limiting maritime trade. The Black Sea is a critical export corridor for Ukrainian grain, and its disruption threatens global food supply chains and could drive up commodity prices.

Who is involved: Ukraine, Russia, international shipping companies, grain exporters, and relevant regulatory bodies such as the UN and EU.

Likely next: Continued missile and drone strikes may further degrade port capacity, prompting diplomatic efforts to establish safe corridors or alternative land routes for grain.

Ukrainian and Russian forces have stepped up attacks on civilian vessels and port infrastructure in the Black and Azov Seas, causing significant delays and suspensions of maritime trade. The Black Sea corridor is a vital route for Ukrainian grain exports, which account for a substantial share of worldwide wheat and corn shipments. Continued hostilities risk tightening global food supplies and could push up commodity prices.

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Analysis — what this means

Sectors affected

Regulatory implications

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