Ukraine Proposes Black Sea Shipping Truce to Russia, Source Says

Ukraine has proposed a truce with Russia to halt all attacks on civilian targets in the Black Sea, a move aimed at de-escalating a conflict that has severely disrupted global food supplies, a source familiar with the matter told Reuters. The offer was reportedly transmitted to Moscow via a third party, and Kyiv is awaiting a response.

Escalating Tensions and Export Collapse

The proposal follows weeks of intensified strikes by both nations on port infrastructure and vessels involved in agricultural exports. Russia's de facto blockade of Ukraine's key Odesa region ports has had a severe economic impact, with Ukrainian grain exports plummeting by 76% year-on-year for the month of August so far.

The constant threat of attack has forced many international shipowners to avoid Ukrainian ports, compelling Kyiv to rely on less efficient alternative shipping routes. Both Russia and Ukraine are major global agricultural producers, and the disruption has stoked fears of renewed food price inflation.

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Market Reaction and Diplomatic Context

News of the potential truce had an immediate effect on commodities markets. Euronext September wheat futures, which had been trading higher, reversed course and turned lower following the report.

While Russia has not commented publicly on the specific offer, Deputy Russian Foreign Minister Alexander Grushko stated that Moscow had not received any *formal* proposals for a Black Sea ceasefire, according to Russia’s TASS state news agency. Separately, Turkish Foreign Minister Hakan Fidan confirmed on Saturday that a proposal for a moratorium on attacks had been conveyed to both countries, lending credence to reports of third-party mediation.