Trump’s Economic Threat Puts Focus on Iran’s Trading Partners

© Joyce Zhou/Reuters

© Joyce Zhou/Reuters

Russia dismissed the idea of a Black Sea ceasefire on 14 August, Reuters reported, a day after the agency disclosed that Ukraine had proposed a mutual halt to attacks on civilian targets there.
Russian Foreign Ministry spokesperson Maria Zakharova said Moscow saw no grounds for measures that would give Kyiv a temporary reprieve.
Russia’s dismissal comes after its strikes drove shipowners from Odesa as Ukraine’s wheat harvest peaked. More than 90% of Ukraine’s farm exports leave through three deepwater Odesa ports. Reuters reported that Ukraine’s 12 August operation at Novorossiysk targeted a naval base and warships, although nearby grain terminals also suspended operations.
Russian forces, by contrast, have repeatedly struck foreign-flagged ships and Ukrainian port infrastructure. The disruption is stranding Ukrainian crops and raising concerns over global food supplies.
Zakharova accused Ukraine of deliberately destabilizing civilian shipping but did not mention Russia’s attacks, Reuters said. She was responding to Turkish Foreign Minister Hakan Fidan, who said Ankara had proposed a Black Sea moratorium to both sides.
Zakharova also said Moscow had received no formal proposal from Türkiye and ruled out reviving the 2022–23 Black Sea grain deal, calling it one-sided.
Reuters said Ukraine’s grain exports had fallen 76% year on year so far in August. Ukraine’s Agriculture Ministry projects agricultural exports could nearly halve, from 64.4 million to 29.6 million tonnes. It expects silos to fill by October as grain backs up.
World Grain, citing the US Department of Agriculture’s Foreign Agricultural Service, reported that corn exports could fall 39% and wheat exports 26%. The US agency expects unsold corn stocks to rise more than tenfold.
The ministry has asked the EU for €220 million to subsidize farm loans and help producers finance autumn sowing. Reuters separately reported, citing unnamed sources in both countries, that Kyiv and Chisinau were discussing a rail route to Romania’s Constanța port. Kyiv estimates it could carry only 10% of Ukrainian grain exports.
After Russia refused to extend the UN- and Türkiye-brokered grain deal in 2023, Ukraine opened its own maritime corridor. It remained operational until this summer’s escalation.
Russian forces repeatedly struck foreign-flagged vessels in July. On 19 July, Russian missiles hit the Guinea-Bissau-flagged, Turkish-owned Golden Leo as it left Odesa carrying corn. The attack killed 10 people, Ukraine’s Navy and Sea Ports Authority said. Ag Bull Trading reported that the attacks brought the corridor to its first full stop since it opened in August 2023.
Russia’s dismissal leaves Ukraine’s corridor officially open while Russian attacks continue to drive shipowners away.

© Doug Mills/The New York Times

© Thaier Al-Sudani/Reuters

© Murat Cetinmuhurdar/Turkish Presidential Press Office, via Reuters

Russian nuclear giant Rosatom is negotiating the sale of a 49% stake in Turkey's Akkuyu Nuclear Power Plant project, estimated at $25 billion, Bloomberg reported on July 1.
The project is a cornerstone of Russian-Turkish energy cooperation. The Akkuyu plant, located in Mersin Province, is poised to become Turkey's first nuclear power facility.
The 4.8-gigawatt project is expected to begin supplying electricity in 2026, Anton Dedusenko, chairman of the board at Rosatom's Turkish subsidiary, told Bloomberg.
"The closer we are to the first unit generating electricity, the more investors start coming," Dedusenko said on the sidelines of the Nuclear Power Plants Expo & Summit in Istanbul.
A previous sale attempt in 2018 collapsed over commercial disagreements. This time, financing is complicated by the threat of U.S. sanctions, prompting Moscow and Ankara to consider alternative payment mechanisms.
"There are many ways how to deliver money here. We can deliver the Russian rubles, the Turkish lira," Dedusenko said.
Despite its NATO membership, Turkey has maintained open diplomatic and economic ties with Russia throughout the full-scale war against Ukraine, while continuing to supply aid to Kyiv and host international mediation efforts.


Turkish President Recep Tayyip Erdogan said Ankara is working to organize a meeting between President Volodymyr Zelensky and Russian President Vladimir Putin, with U.S. President Donald Trump potentially joining the talks, Reuters reported.
Speaking after his meeting with Trump, Erdogan said on June 26 that the U.S. president expressed interest in participating if the meeting were to take place in Turkey.
"He said,'If Russian President Vladimir Putin comes to Istanbul or Ankara for a solution, then I will also come,'" Erdogan told reporters. "We will hold the necessary contacts and, God willing, realize this meeting as soon as possible."
Zelensky and Trump met during the NATO summit on June 25, where the two leaders discussed battlefield developments, Kyiv's need for additional air defense systems, and the potential for co-production of drones.
Zelensky has previously voiced openness to a trilateral meeting. On May 27, he told public broadcaster Suspilne that he was ready to sit down with both Trump and Putin.
Putin has claimed he is also willing to meet, but did not attend previous talks proposed in Istanbul, opting instead to send lower-level delegates to peace discussions held on May 16.
The Kremlin has long sought to portray Zelensky as "illegitimate", with spokesperson Dmitry Peskov in February claiming that any talks must consider "legal aspects" of his mandate.
Turkey previously hosted direct peace talks in March 2022 and has remained one of the few countries with open lines to both Kyiv and Moscow. The latest round of direct talks on June 2 was held in Istanbul.
