Key facts
- Ukraine launched a massive drone attack on Russia's Black Sea port city of Novorossiysk.
- Two major grain terminals in Novorossiysk ceased operations.
- At least three people were killed, including an 8-year-old child.
- The attacks damaged four unspecified enterprises, over two dozen residential buildings, and some educational facilities.
- Chicago wheat futures increased by about 3% due to fears of supply disruption.
Ukraine launched a massive drone attack on Russia's Black Sea port city of Novorossiysk, reportedly halting operations at two major grain terminals and killing at least three people. The attacks, which also damaged infrastructure and residential buildings, have raised fears of disruptions to global wheat supplies, as Russia is the world's largest exporter.
Ukrainian President Volodymyr Zelenskiy stated that Ukraine had targeted Russia's Novorossiysk naval base with drones, missiles, and unmanned boats. This comes after Russia moved some of its Black Sea Fleet vessels to Novorossiysk following repeated attacks by Ukrainian forces in Crimea. The governor of the Krasnodar region confirmed a "massive" wave of attacks.
In response to the news, Chicago wheat futures rose around 3%. Russia's main grain lobby had previously warned that Ukrainian attacks could significantly disrupt Black Sea grain exports, potentially leading to price increases and food shortages in Africa and the Middle East.
Novorossiysk also serves as an oil export hub, including for the Caspian Pipeline Consortium (CPC), which is partly owned by U.S. companies Chevron and Exxon Mobil. Reports suggest Ukraine may have agreed not to target CPC infrastructure following a request from U.S. Vice President JD Vance, provided the infrastructure and non-Russian vessels are not carrying Russian oil or cargo.