Russia is withdrawing from the grain deal that lets wheat, corn carrying ships go through the Black Sea straits undisturbed.
These ships carry vital wheat, corn that supply large parts of the Middle East and Africa with food, basically. Ukraine and Russia's wheat, corn exports combined make up for 30 % of the world's total wheat, corn consumption.
Thus any blockade of the Black Sea straits that limits wheat, corn trade will raise the prices of bread and all other food produced from wheat, corn.
This will shoot up inflation again and will most probably force the Federal Reserve and the European Central Bank hands into raising interest rates gain to stymie inflation and on such a vital product as bread at that and in such a food sensitive region as the Africa and the Middle East.
Basically, if the price of wheat, corn shoots up the price of bread and makes it scarce, social unrest would follow, which could disrupt the transport of oil through the Hormuz strait and even more raise price levels upwards.
And the vicious circle of inflation and inflation caused interest rate hikes by the world's major banks could start spinning again and cause first a banking, then financial and finally a global economic crisis similar or even bigger than the Great Recession in 2008-2009.
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