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Russian Bank Tightens Grip on Black Sea Grain Export Hub

VTB is buying one of the biggest grain terminals at port of Novorossiisk

Cite Georgia Ports Authority

Russia’s second-biggest bank VTB is buying one of the biggest grain terminals at the Black Sea port of Novorossiisk, in a surprise move that gives the state lender more control over the country’s main deep-sea grain export hub, reports the Hellenic Shipping News.

VTB, which already owns a stake in another grain terminal at the port, said on Thursday that it was buying 100% of Novorossiysk Grain Terminal from Novorossiysk Commercial Sea Port (NSCP).

Some commodities traders interpreted VTB’s deal as another sign of the Russian government’s growing involvement in the sector.

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