In December 2023, Ukrainian ports exported more agricultural products than ever since the Russian invasion, largely due to the restoration of the main Black Sea ports in Ukraine and the establishment of a unilateral maritime export channel. The British Ministry of Defense reported this.
According to British intelligence, this figure exceeded the monthly volumes achieved during the implementation of the Black Sea Grain Initiative through the mediation of the UN and Turkey, which was subject to Russian inspections.
"Ukraine has achieved this because it has largely prevented the operations of the Russian Black Sea Fleet from operating in the western part of the Black Sea, where it is held at risk by Ukrainian missiles and unmanned surface vessels," the summary states.
Market confidence is also supported by a decrease in insurance through the United Kingdom's Unity Facility insurance package and the announcement that Turkey, Romania, and Bulgaria have formed a coalition to clear the Black Sea of mines.
As emphasized, the condition of this export route is crucial for the long-term perspective, both for Ukraine's export revenues and as a symbol that both sides are willing to cease attacks on civilian navigation, paving the way for reducing risks and increasing trade for all in the Black Sea.
