Fallout continues from Moscow’s decision to pull out of the Black Sea grain export deal, including a live-fire drill by conducted by Russia’s navy and another missile attack on the Odesa region. Ukraine’s president instructed his top military commanders to prepare “actions” to continue the functioning of the grain export deal, with the foreign ministry also asked to prepare “analogous diplomatic steps.”
(Bloomberg) — Fallout continues from Moscow’s decision to pull out of the Black Sea grain export deal, including a live-fire drill by conducted by Russia’s navy and another missile attack on the Odesa region. Ukraine’s president instructed his top military commanders to prepare “actions” to continue the functioning of the grain export deal, with the foreign ministry also asked to prepare “analogous diplomatic steps.”
Wheat futures shed some of the week’s hefty gains on Zelenskiy’s comments, although it’s not clear how Kyiv would get the corridor reopened. Officials from Turkey, which brokered the original deal with the UN, said grain exports from Ukrainian ports are unlikely given Russian threats to target vessels. Russia’s deputy foreign minister seemed to slightly walk back rhetoric that Moscow would consider all vessels heading to Ukrainian ports as potential carriers of arms. The UN Security Council will discuss Ukraine on Friday.
Ukraine fired its ambassador to UK, who recently criticized Zelenskiy over remarks the president made about British Defense Secretary Ben Wallace during the NATO summit in Vilnius. No reason was given for Vadym Prystaiko’s removal. Russian President Vladimir Putin warned Poland against any “aggression” toward Belarus. Poland has reinforced its eastern border in response to the presence of Wagner mercenary forces in the Russian ally.
Latest Coverage
- Putin Warns Poland He’ll Respond to ‘Aggression’ Against Belarus
- Russia May Inspect Ships Passing Through Black Sea
- Russia’s Navy Conducts Live Fire Exercises in Black Sea
- Russia Arrests Colonel Turned Critic of Army and Putin
- Ukraine Sees Russia Trying to Hamper Grain Transit Via Danube
Coming Up
- Sunday meeting between Putin and Belarus’ Lukashenko
- Zelenskiy to address Aspen Security Forum in US on Friday
Markets
Europe Gas Heads for First Weekly Gain This Month
European natural gas headed for its first weekly gain this month, with traders weighing risks to fuel supplies from Russia and extreme heat searing parts of the region.
Benchmark futures rose as much as 10% on Friday — and over 15% for the week — amid escalating tensions in the Black Sea. While there’s no indication that gas supplies are affected by the rise in hostilities, Russia’s fuel transit through Ukraine has been at risk since the war started 17 months ago.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.