Reshaping Maritime Trade in the Black Sea: The Effects of the Russo-Ukrainian War
24-Mar-2025
Shortly after Russia’s full-scale invasion of Ukraine in February 2022, maritime trade flows in the Black Sea were significantly reshaped. As the war continued, developments affecting the trade in the Black Sea changed, underscoring the importance of thoroughly analyzing how the region has adapted to such disruptions. This publication builds upon the previous edition, which was released shortly after the outbreak of the war. Now, three years later, our focus shifts to examining how trade dynamics, particularly maritime trade in the Black Sea region, have evolved during this period.
Key insights include:
Upon the outbreak of the Russo-Ukrainian War, port calls in Ukraine and Russia dropped sharply, while other Black Sea countries briefly benefited from redirected trade flows. By late 2023, port calls in Ukraine had gradually recovered, supported by new shipping routes through Romania and Bulgaria. However, serious threats to commercial shipping remained.
Ukraine’s maritime exports and imports fell sharply in 2022, with a slow recovery in imports in 2023. In Russia, maritime imports declined, while exports initially increased in 2022, possibly due to sanctions being ineffective. However, as the sanctions intensified, exports also fell significantly the following year.
Facilitating Trade with Central Asia: Georgia’s Role as a Transit Corridor
14-Jan-2025
The Trans-Caspian route, widely known as the Middle Corridor, has become a vital trade link connecting Georgia and Central Asia, driven by significant geopolitical developments in recent years. The Russia-Ukraine war, which began in 2022, has been a key factor in this shift. As the Middle Corridor gains prominence, economic and political relations between Georgia and Central Asian nations, particularly Kazakhstan, have strengthened. This paper seeks to facilitate bilateral trade between Georgia and Kazakhstan by identifying new, potentially profitable products for exchange and exploring Georgia’s role as a transit corridor for Central Asia.
Innovation Ecosystems In Black Sea Countries
18-Jul-2024
In an attempt to keep pace with advancements in technology and globalization more broadly, Black Sea countries have been intensifying their efforts to foster and cultivate their own innovation ecosystems.
Taking Stock Of Greening In The Georgian Financial System
18-Jul-2024
Green finance holds great importance today when it comes to combating climate change and achieving sustainability goals by directing investments towards environmentally friendly projects. This approach promotes energy efficiency, clean transportation, and sustainable agriculture, while also mitigating greenhouse gas emissions and fostering economic growth. Ultimately, by integrating environmental considerations into financial decisions, green finance ensures a more sustainable and resilient global economy.
