Ukraine Recap: Zelenskiy seeks ways to restore Black Sea exports

With tensions already high following the scrapped Ukraine grain export agreement, Russia’s navy conducted a live fire exercise in the Black Sea — destroying a target vessel with cruise missiles -  days after suggesting it could attack any vessels heading to Ukrainian ports. Meanwhile, the Odesa region, home to major seaports, faced a fourth air attack in a week as Kremlin forces look to underline their threat to maritime operations. Russia fired seven missiles at an “important” infrastructure target in the Bilhorod-Dnistrovskyi area.

Ukraine’s president instructed his top military commanders to prepare “actions” to continue the functioning of the grain export deal scrapped by Russia, according to a statement on Voldymyr Zelenskiy’s Telegram. Ukraine’s foreign ministry should prepare “analogous diplomatic steps,” according to the statement, which provided no further detail. 

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. Wallace suggested Kyiv should show more “gratitude” for weapons donations from allies. The US Senate overnight showed bipartisan support for continued security assistance to Ukraine, roundly defeating an amendment that sought to limit aid. Another round of US assistance is likely in the coming days, said National Security Council spokesman John Kirby. Ukraine’s troops have started using US-provided cluster munitions in the nation’s southeast, the Washington Post reported. 

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Coming Up Today

• Bank of Russia Governor Nabiullina news conference following the rate hike
• Russian Deputy FM holds briefing on the Black Sea grain deal
• UN Security Council meeting on Ukraine

Markets

Wheat Gains Trimmed on Latest Zelenskiy Effort 

Wheat prices Friday, falling about 3% on the day after surging all week on fears of growing threats to the Black Sea grain trade. Ukraine on Thursday warned that any ships heading to Russian ports may be targets — but Zelenskiy has called for “actions” to keep the exports going. 

The flaring of Black Sea tensions adds to risks in global grain markets, even as extreme weather wreaks havoc on crops across Asia, southern Europe, and the US.