Russia is closing the humanitarian corridor in the Black Sea, causing an increase in wheat prices.

On Wednesday, the price of wheat rose significantly after the Russian Ministry of Defense declared some areas of the Black Sea temporarily unsafe for maritime vessels. Wheat futures prices in Chicago surged by 7.8%, reaching $7.22 per bushel. At some point, the increase reached 9%, according to the "Interfax" news agency.

The Russian military announced that due to the termination of the "grain deal," the humanitarian corridor in the Black Sea will be closed. Starting from July 20, all ships heading to Ukrainian ports will be considered as potential carriers of military cargo. This means that countries whose flags are present on such vessels will be seen as participants in the Ukrainian conflict on the side of the Kyiv government, as reported by the Russian Ministry of Defense.

Michael Magdovitz, a senior analyst at Rabobank, noted: "We believed that the likelihood of extending the grain deal was low, but this is a new stage of escalation."