And to roil grain and oil markets again
Read more of our recent coverage of the Ukraine war WHEN RUSSIA invaded Ukraine last year, the Black Sea seemed unlikely to become much of a battleground. The Ukrainian navy, after all, had only one warship, which it was forced to scuttle as Russian troops advanced on the shipyard where it was being repaired, in the city of Mykolaiv. Snake Island, a maritime outpost guarding the western approaches of Odessa, Ukraine’s biggest port, fell to Russian attackers on the first day of the war.
Crimea and punishment To inflict serious injury on the Russian economy, Ukraine does not need to sink all Russia-bound ships, but simply to damage enough of them that insurance premiums shoot up and Russian ports become commercially unattractive. “We don’t have the drones to stop all Russian trade. But if you are asking if we can dramatically increase the financial stakes? Sure, no problem,” says a Ukrainian official. That would be bad not only for Russia, but also for global food markets.
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