Netherlands mining and metals group Metinvest B.V. (Metinvest) estimates Ukraine's foreign exchange earnings with the full unblocking of the country's ports at $20 billion a year. At the same time, Metinvest believes that Russia’s withdrawal from the “grain deal” will allow Ukraine to completely unblock its seaports.
According to the head of the project office of the general director of Metinvest Holding LLC Alexander Vodoviz, there is no alternative to completely unblocking the ports of Ukraine for all cargoes, shipping by road and rail transport through western passages is severely limited by their throughput and does not pass at cost.
During the turbulent situation on international markets, Russia’s withdrawal from grain agreements was big news for the Ukrainian economy. Although this agreement did not de facto work over the past three months, its impact on regional trade and logistics in the future is an important factor.
Vodoviz noted that the Russian side decided to withdraw on the initiative a long time ago, after which it began to slow down the work of the grain corridor, and now this decision was simply formalized. At the same time, he believes that the grain agreement has become a kind of "legitimization of piracy" in the Black Sea.
He stressed that it is necessary to return to the full functioning of Ukrainian seaports, as it was before the full-scale invasion of the Russian Federation.
Vodoviz noted that grain is only 40% of what Ukraine supplied for export by sea. Another 40% is metal, and 20% is everything else. He suggested that the talks at one time were focused specifically on grain because of the participation of the UN.
Without opening ports, Ukraine has only two options - the railway and motor vehicles. But then questions of cost and throughput arise.
At the same time, Vodoviz stated that even after all the sanctions, Russian metal is selling well in Europe. He concluded that the decision to unblock Ukrainian ports should be systemic and needs the joint work of several ministries.
