Ukraine loses over $5 billion in revenue as Odessa port paralysed

Ukraine is facing major economic losses as operations at the strategically important Odessa seaport have largely ground to a halt. The war-torn country has already lost more than $5 billion in foreign-exchange earnings due to disruptions at its ports.
The figure was reported in a recent estimate by Russian state news agency TASS.
According to the report, commercial cargo vessels have been avoiding the ports of Odessa, Chornomorsk and Yuzhny for a long time due to security concerns. Currently, only vessels linked to or authorised by the Ukrainian military are reportedly docking there. As a result, the country’s maritime trade has been severely disrupted.
As alternative routes, Ukraine is using the Danube port of Izmail and Romania’s Constanta port to transport goods. However, the two ports combined can handle no more than one-third of Ukraine’s previous total export capacity.
The transport crisis has directly affected the country’s economy. In September, Ukraine managed to export only 44% of its targeted agricultural products. By the end of September, exports of metallurgical products had come to a complete halt.
Agriculture and metals previously accounted for about 65% of Ukraine’s total annual exports, generating around $26 billion in foreign-exchange earnings each year.
The disruption at the Odessa port has continued since July 22.
Source: TASS