Ships Shelled in Black Sea as Invasion Sparks Shipping Chaos

Russia’s invasion of Ukraine has brought turmoil to commodities markets as the conflict ensnares merchant shipping.

At least two merchant ships have been reportedly hit since Russian forces began the attack on its neighbor this week. Insurers are either not offering to cover vessels, or they’re demanding huge premiums to do so.

Also read: U.S. Navy Left The Black Sea Unprotected Allowing Russia To Invade Ukraine

That has compounded oil trading and shipping markets that were already — with a few exceptions — leery of doing Russian deals while people figure out the sanctions risk of buying the nation’s crude. Trade lawyers said that commodities from Russia should ultimately keep flowing, but that caution is likely in the near term and the situation is fast-changing.

View entirety: gCaptain