The recent drone attack carried out by Ukraine on a Russian warship in Novorossiysk, Russia, has dealt another blow to the Russian Navy and has also highlighted the growing impact of Ukraine’s actions on Moscow’s economy, particularly targeting one of Russia’s crucial commercial ports.
Novorossiysk is a significant commercial seaport, ranking among Russia’s largest and one of the biggest in Europe. It serves as a major export hub for Russian grain, oil, and various other products that are shipped to countries worldwide. With a history dating back to the 19th century, this port has long been a center of international commerce for Russia. Interestingly, it even housed the first Pepsi factory in Russia, established during the Cold War détente in the early 1970s.
Before President Vladimir V. Putin’s illegal annexation of Crimea in 2014, substantial resources were allocated to the development of a naval base in Novorossiysk, which subsequently turned the port into a crucial naval hub for the Black Sea. Notably, on the same day as the attack on Novorossiysk, a drone strike also targeted Feodosia, a Russian-controlled port in Crimea.
Novorossiysk holds immense importance for Russia’s economy, particularly in terms of grain exports. Its strategic location on the Black Sea and proximity to Russia’s primary grain-producing regions make it an ideal gateway for grain shipments to Africa, Asia, South America, and Europe. Recently, during a summit with African leaders in St. Petersburg, Putin even pledged to provide free grain to several African nations, most likely exported through Novorossiysk. As a result, the attack on the port led to a rise in wheat futures on Friday, demonstrating the port’s significance in the global grain trade. It is worth noting that Russia is the largest wheat exporter in the world.
The Caspian Pipeline Consortium, responsible for operating an oil terminal at Novorossiysk, reported a temporary halt in ship movement due to the attack. However, it remains unclear whether any damage occurred to the oil export infrastructure. If further strikes continue to target the port, which is under European Union sanctions, it could result in significant economic disruption for Russia. In fact, the attack on Friday is being seen as a potentially powerful shock to the Russian economy, as highlighted by the Russian pro-government Telegram channel, Readovka Explains, which called for an immediate response from Moscow.
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