July 15, 2024

(Bloomberg) — Ukrainian President Volodymyr Zelenskiy said pressure on the Kremlin’s “military-industrial complex” needs to be ramped up further and indicated his forces would continue to attack Russian targets.

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“Sanctions are not enough,” Zelenskiy said in his evening address to the nation Tuesday. “As long as Russia’s aggression continues, Russia’s losses must be tangible.”

In its latest Defense Intelligence Update, the UK government said that Russia has likely sent elements of its new Combined Arms Army into action since mid-September. However, according to the update, its troops are “apparently being deployed piecemeal to reinforce the over-stretched line” and “a concerted new Russian offensive is less likely over the coming weeks.”

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Wheat edged higher as traders weighed heightened tensions in the Black Sea against plentiful supplies, particularly from Russia. Futures in Chicago are up almost 3% since Thursday’s close following a series of attacks by Ukrainian and Russia forces, including a drone strike on Ukrainian port infrastructure close to the Romanian border.

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