Ukraine grain exports under pressure as farmers turn to working capital financing

August 25, 2026

Ukraine grain exports are under growing pressure as escalating attacks on Black Sea ports disrupt vital trade routes and increase the financial strain on the country’s farmers. Sergey Atamas from Kreston Ukraine shares his view on the impact of the attacks on the industry with Trade Finance Global.

Click here to read the full article on Trade Finance Global, or read the summary below.

Agriculture remains central to Ukraine’s economy, with the Black Sea normally handling around 90% of the country’s agricultural exports. Recent attacks on ports and shipping infrastructure have therefore had significant implications for producers, exporters and global grain markets.

Contributing to Trade Finance Global’s analysis, Sergey Atamas, Managing Partner at Kreston Ukraine, highlighted the financial consequences of the disruption. Ukraine’s grain export forecast has been revised down from 43 million tonnes to approximately 38 million tonnes as a result of attacks on ports, while alternative export routes have limited capacity and are considerably more expensive.

“Financing can buy businesses time, but it cannot solve a physical export bottleneck. Ukraine expects around 60 million tonnes of grain and oilseeds to be exported this year, while alternative routes can currently handle only about half of that volume.”

Atamas told Trade Finance Global that alternative routes can accommodate only around half of the required export volume and add approximately €50 per tonne to transportation costs. He warned that this risks “turning a logistics problem into a balance sheet problem.”

The pressure comes as Ukrainian farmers contend with higher costs for fuel, fertilisers, crop protection products and labour. At the same time, many producers are reluctant to sell crops at depressed prices, increasing their need for liquidity while they wait for more favourable market conditions.

According to TFG, PrivatBank has recorded a 20% increase in demand for working capital financing during July and August, months that would typically be considered off-season. Farmers are also seeking short-term loan rescheduling, while banks and the Ukrainian government are providing additional financing mechanisms designed to give agricultural businesses greater flexibility.

The disruption to Ukraine’s grain exports has implications well beyond the country. Ukraine supplies around 6% of global wheat and 11% of global corn, making the security and efficiency of its export infrastructure an important factor in international food supply and pricing.

While alternative transport routes and financing support are helping Ukraine’s agricultural sector adapt, Atamas’s comments underline the wider economic challenge: disruption to export logistics increasingly translates into higher costs, tighter liquidity and greater balance-sheet pressure for Ukrainian agribusinesses.