Tensions Rise as Russia Fires Warning Shots, Ships Jam in Black Sea Lanes

Merchant ships are experiencing delays in the Black Sea as ports struggle to clear backlogs following a Russian warship firing warning shots at a cargo vessel. Russia claims the shots were fired after the ship's captain failed to respond to a request to halt for inspection. Ukraine has condemned the incident and called for international countermeasures. Insurance rates for war risk premiums remain stable, but could rise if a ship is damaged. Dozens of ships are anchored in the Black Sea and near Romanian ports, causing disruptions to shipping. The incident has also affected plans for a "humanitarian corridor" in the Black Sea to release trapped cargo ships. Moscow has exited a grain deal with Ukraine and demands better terms for its own exports.