The Ukrainian Defense Forces carried out a series of large-scale strikes against Russian maritime logistics on Saturday, July 11, hitting 21 oil tankers, four tugboats, and two dry cargo ships in the Sea of Azov.
Because the Azov Sea handles up to 25% of Russia’s outbound wheat shipments – with major agricultural hubs in Rostov and Krasnodar situated along its coast – the closure immediately impacted global food markets. Following reports of the shipping restrictions, wheat futures on the Euronext exchange surged by nearly 4%, reaching a six-week high.
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