Russia’s Black Sea port of Novorossiysk was shut down for hours after a Ukrainian drone strike. The port is a major export hub for oil and grains, and it is the first time operations have been halted due to war.
The Russian Ministry of Defense explained that it was attacked by two water drones from the night of the 3rd to the early morning of the 4th, but it was repelled and there was no damage to the port facilities. But the attack crippled the Russian amphibious ship Olenegorsky Gornyak, according to people familiar with the matter. Ukrainian security services are believed to have carried out the attack.
The Russian Defense Ministry did not respond to questions about the ship’s status.
The attack underscores the growing risk of raw material shipments in the Black Sea. As Russia seeks to further damage Ukraine’s grain shipping capacity, Ukraine is poised to retaliate accordingly.
“Although the attack on Novorossiysk appears to be very limited, there is a risk of further attacks on the port and export infrastructure of Russia and Ukraine, which will lead to significant volatility,” said Rabobank analyst Carlos Mera said.
In the market on the 4th, wheat futures temporarily rose 3.5%. Brent crude is trading 0.8% higher at $85.78 a barrel at 11:29 am London time.
news-rsf-original-reference paywall">Original title:Ukraine Attack on Russian Ship Disrupts Commodity-Export Hub (1)(excerpt)
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2023-08-04 11:30:11
