Russia lets grain ships sail out of Sea of Azov for first time since summer
Russia has allowed vessels to leave Sea of Azov ports (photo: Getty Images)
Russian authorities have allowed grain ships to leave Azov Sea ports for the first time since July. This could allow food exports to resume, Bloomberg says.
According to the outlet, the Sea of Azov port administration has granted temporary permission for vessels to leave Temryuk and Kavkaz ports.
At least one vessel has already successfully passed through the Kerch Strait toward the Black Sea.
The departure window opened on Monday. Crews that are on site and ready to sail can submit the relevant applications.
Before the escalation and suspension of shipping on July 10, the region accounted for about one-third of Russia's seaborne wheat exports.
Following the news, wheat futures prices in Chicago fell by 2.8%, reaching their lowest level since July 1.
Suppliers and traders say the market reacted quickly, but tensions remain.
"Initial market reaction was brisk to the downside. Few believe a reopening of ports will significantly alter the risk outlook," said Bertrand Oesterle, a commodities broker and vice president at StoneX.
Experts emphasize that without a ceasefire, export security concerns remain unresolved, as vessels still risk being hit by drones while crossing the Black Sea.
As previously reported, amid the threat of continued attacks on grain trucks in Ukraine, authorities are considering moving customs checkpoints farther into Polish and Slovak territory.
Relevant talks with neighboring countries are already underway.
Meanwhile, the European Union is discussing restrictions on Russian agricultural exports.
In particular, the Baltic states are calling for a ban on Russian grain transit through the EU to cut off funding for Russia's aggression against Ukraine.
