The footprint of President Vladimir Putin’s war on Ukraine is growing fast after a weekend in which sea drones crippled a Russian naval vessel and an oil tanker.

For the first time, the attacks put at risk Russia’s commodity exports via the Black Sea, a route that accounts for most of the grain and 15% to 20% of the oil that Russia sells daily on global markets. Significantly higher insurance and shipping costs are likely to follow for Moscow, but there are risks to European and global markets, too.

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