Russia has for the first time since July allowed grain ships to leave the Sea of Azov.
Disrupted navigation and constant attacks had previously effectively blocked one of the main export routes for global wheat supplies, Bloomberg reports.
A local port authority issued temporary permission for vessels to depart from the ports of “Temryuk” and “Kavkaz”. At least one vessel has already passed through the Kerch Strait and entered the Black Sea.
The announcement that the corridor was reopening immediately affected the market: Chicago wheat futures fell 2.8%, dropping to their lowest level since July.
Before the escalation in hostilities, roughly a third of all Russian seaborne wheat exports passed through Azov ports. However, analysts believe the temporary permission to depart does not fully resolve the export problem. With no ceasefire agreements in place, vessels still face the threat of drone attacks while crossing the Black Sea.