Ukraine crisis jeopardises Middle East's Black Sea wheat supply | Reuters
Wheat importers face a threat to delivering politically sensitive bread supplies across the Middle East and North Africa (MENA) after Russia's invasion of Ukraine closed off access to the lower priced Black Sea grain they depend on.
The ensuing conflict has halted shipping from Ukraine's ports, while financial sanctions have put payments for purchases of Russian wheat in doubt, traders and bankers say, adding another to the risk for governments in the MENA region already struggling with import costs, economic crises or conflict.
"Everyone is looking for other markets as it's becoming increasingly impossible to buy stocks from Ukraine or Russia," a Middle Eastern commodities banker said, citing disruption to shipping, escalating sanctions and rising insurance premiums.
"The market is not expecting Ukrainian and Russian exports to resume until the fighting ends," one trader said.
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