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27 Feb 2022 | 21:51 UTC
Highlights
Bosporus is a major trade route for Russian and Ukrainian commodities
Turkey can use 1936 Montreux convention to restrict access
Turkey is edging closer to restricting Russian naval access to the Bosporus after recognizing the conflict in Ukraine as a war.
Turkish foreign minister Mevlut Cavusoglu said in statement Feb. 27 to the state news outlet Andolu Agency that the conflict was a "war" which under the terms of the 1936 Montreux convention gives Ankara control of the straits and authority to regulate the transit of naval vessels.
The Bosporus is a major trade route for Russian and Ukrainian goods to export markets, including soft commodities and oil from the Black Sea port of Novorossiisk. Exports of Urals crude from Novorossiisk amounted to 14.165 million mt in 2021.
Both countries are key exporters of wheat, with both accounting for a combined 23% of global wheat trade in the 2021-22 marketing year, according to the US Department of Agriculture.
Concern is building over the security of shipping in the Black Sea after reports of vessel attacks following Russia's invasion of Ukraine. Russia suspended Feb. 24 shipping in the Sea of Azov until further notice.
Ankara has also come under pressure to stop Russian warships using the Bosporus, restricting access to the Black Sea as part of an international response to the conflict.