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Russia launches night raids on Ukrainian grain export ports.

Russia launches night raids on Ukrainian grain export ports.

TraderKnowsTraderKnows
2024-05-08
Summary:On the eve of talks between Russian President Vladimir Putin and Turkish President Erdogan, Russia launched a nighttime raid on Ukraine's grain export ports, exacerbating tensions in the global food market.

According to Ukrainian officials, hours before a scheduled meeting between Russian President Putin and Turkish President Erdogan, Russia launched a nighttime attack on one of Ukraine's major grain export ports.

As reported by some Ukrainian media, explosions were heard in the area of the port of Izmail, and the Ukrainian Air Force urged residents of the area to seek shelter. The port of Izmail is one of the two main grain export ports located on the Danube River in the Odessa region of Ukraine.

In addition, Russia also attacked another main port on the Danube River, the port of Reni, causing damage to the port's infrastructure and injuring at least two people. The Danube River ports have become key channels for Ukraine's grain exports, especially after Russia withdrew from the Black Sea grain agreement and frequently attacked the Danube ports.

The Ukrainian Air Force reported that early Sunday morning, Russian forces launched 25 Iranian-made Shahed drones along the Danube River, 22 of which were shot down by air defense forces.

Hours before the airstrikes, Russian President Putin and Turkish President Erdogan were preparing to hold talks in Sochi, a Russian resort on the Black Sea, to discuss restarting the Black Sea grain agreement.

The Black Sea grain agreement, facilitated by the United Nations and Turkey, allowed nearly 33 million tons of grain and other goods to safely leave three Ukrainian ports. Russia exited the agreement in July, complaining that its own food and fertilizer exports were facing obstacles, and that the agreement to normalize the export of Russian related products has not been fulfilled until now.

The Black Sea grain agreement, aimed at alleviating the global food crisis, has attracted international attention. Turkey has emphasized the importance of this meeting for the agreement and the global food supply.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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