Kremlin trying to secure its Black Sea grain exports as Ukrainian strikes bite

“Tit-for-tat attacks by Russia and ​Ukraine, both major grain exporters, on ports

“President Vladimir Putin acknowledged last week that Russia was experiencing problems with its agricultural exports, but said it would resolve them. The Kremlin

The dictator said Russia plans to export about 60 million tons of grain this season.

At the same time, the SovEcon consultancy estimates that Russian grain exports will rise slightly in August to 2.2 million tons, from 1.95 million tons in July. That would still represent a decline of more than half from the 4.5 million tons exported in August last year.

The Russian government is reportedly considering state grain purchases, extending subsidized loans, and subsidizing sales to offset major disruptions to exports.

According to Russian Agriculture Minister Oksana Lut, the three largest Russian grain terminals at the Black Sea port of Novorossiysk have suspended operations after sustaining damage. Russian exporters are therefore seeking alternative routes through the Baltic Sea, the Caspian Sea, and the Far East.