Title: Ukraine Denies Reports of Suspension of Black Sea Export Corridor Amid Russian Threats
Subtitle: Grain exports affected as tensions rise in the region
KYIV, Oct 26 – Ukrainian Deputy Prime Minister Oleksandr Kubrakov has dismissed reports claiming that the new Black Sea export corridor has been suspended, countering Ukrainian and British firms’ claims. The corridor is an important route for Ukrainian grain exports to African and Asian markets.
“The information regarding the cancellation or unscheduled stoppage of the temporary Ukrainian corridor for the movement of civilian vessels from and to the ports of the Big Odesa (region) is false,” Kubrakov stated on X, formerly Twitter.
Ukraine has been utilizing the corridor to revive its seaborne exports without Russian approval, despite threats from Moscow, which previously withdrew from a U.N.-brokered deal in July. The deal had allowed some food exports to flow despite the ongoing conflict in the region.
Reports from Kyiv-based Barva Invest consultancy, British security firm Ambrey, and Ukrainian Ports, suggest that Ukraine suspended the corridor due to a possible threat from Russian warplanes and sea mines.
Barva Invest stated on the Telegram messaging app, “We would like to inform you of a temporary suspension of vessel traffic to and from (the ports). The current ban is in force on Oct. 26, but it is possible that it will be extended.”
The suspension has already impacted the market, as Chicago wheat futures, a global price benchmark, turned higher upon receiving this news and recovered from an earlier two-week low, later trading up about 1%.
Wheat futures had initially faced pressure this week due to hopes of expanded grain exports from Ukraine and improved weather conditions in dry crop belts worldwide.
According to Barva Invest, the Ukrainian seaport authority confirmed the suspension, stating: “There would be no vessel movement along the corridor for entry and exit on 26th of October, 2023.” They attributed this decision to increased Russian air force activity in the region.
Ambrey’s report claimed that the Russian Air Force had dropped objects, likely acoustic and/or magnetic sea mines, into the Ukrainian grain corridor transit area near Snake Island.
Ukraine had launched a “humanitarian corridor” for ships bound to African and Asian markets in August in order to bypass a de facto blockade of the Black Sea region after Russia withdrew from the original export deal. The route extended from Ukraine’s southwest Black Sea coast through Romanian territorial waters and to Turkey.
Since its inception, approximately 700,000 tons of grain have left Ukrainian ports via this new route. Before the full-scale invasion by Russia in February 2022, Ukraine had shipped up to six million tons of grain monthly from its Black Sea ports.
Kubrakov confirmed that 23 ships were currently loading in the ports of Odesa, Chornomorsk, and Pivdennyi. He added, “A total of 51 vessels used the entrance corridor. 33 vessels exported more than 1.3 million tons of Ukrainian agricultural products and other cargo.”
As tensions continue to rise in the region, it remains to be seen how the situation will impact Ukraine’s grain exports and the stability of the Black Sea export corridor.
[Additional reporting by Gus Trompiz in Paris and Jonathan Saul in London; editing by Tom Balmforth, Mark Heinrich, and Giles Elgood]
Note: This article has been written based on the provided content and does not reflect real-world events.