Ukraine faces race against time as Russia chokes Black Sea ports

Smoke billowing over the Black Sea is now an everyday sight in Odesa Oblast as Russia continues to strike ports and vessels in Ukrainian waters. But it’s on land that the impact of Russia’s campaign is most keenly felt, with Ukraine facing an economic crisis unless the country finds a solution soon.

The biggest victims are Ukraine’s agricultural and steel firms — both key economic drivers — which are cut off from crucial trading routes via the Black Sea. Ukraine could lose 1%-1.5% of its gross domestic product (GDP) by year-end, according to Olena Bilan, chief economist at investment firm Dragon Capital.

Photo: David Goldman / AP.