Wheat prices rose against the backdrop of Russia’s threats to ships in the Black Sea

Wheat prices on world commodity markets continued to grow after the biggest jump in a decade on Wednesday. This happened against the background of the announcement by the Russian Ministry of Defense that from July 20, all vessels entering Ukrainian ports in the Black Sea will be considered as potential military cargo carriers, reports Bloomberg.

On July 17, Moscow refused to extend the grain deal concluded an hour ago between Russia, Ukraine, Turkey and the UN, which created a safe sea corridor for ships with export grain and other agricultural products to leave Ukrainian ports.

The Kremlin explained the withdrawal from the agreement by the non-fulfillment of the requirements of the Russian side for the export of Russian food and fertilizers. The Ministry of Foreign Affairs of Russia announced the withdrawal of shipping safety guarantees.

According to the US National Security Council, Russia is preparing to attack cargo ships in the Black Sea and has already installed additional sea mines on the approaches to Ukrainian ports.

The President of Ukraine, Volodymyr Zelenskyi, said that Kyiv will continue to comply with the agreements with Turkey and the UN on the grain deal. Ukraine decided to create a temporary sea route for the transportation of grain after Russia’s exit from the grain deal. Vasyl Shkurakov, the First Deputy Minister of Infrastructure Development of Ukraine, reported this in a letter to the UN. It follows from the document that shipping routes are planned to be opened near the waters of three ports that are part of the corridor that leads to the territorial waters of Romania.

At the same time, according to Bloomberg sources, Turkey, in all likelihood, will not risk its warships to help Ukrainian ships take food from the ports of Odessa. But Ankara will try to focus on restarting relations with Moscow.