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Russia said crew members on one of its patrol ships opened fire with automatic weapons after the vessel - which it claimed was heading to the Ukrainian port of Izmail - ignored a request to halt for an inspection on Sunday.
It comes after Moscow warned last month that it could not guarantee the safety of civilian vessels in the Black Sea after it pulled out of a UN-backed international deal to allow the safe export of grain from Ukraine.
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International shipping data showed the cargo ship had been in the south-western region of the Black Sea, near the coast of Bulgaria, and appeared to suggest it was heading towards the Romanian port Sulina, which is close to the border with Ukraine.
The Sukru Okan vessel, which was flying the flag of Palau - a small island country in the Pacific - did stop following the "warning shots" and there were no reports of any damage or casualties.
The Russian defence ministry said its military then boarded the ship with the help of a Ka-29 helicopter.
It added: "After the inspection group completed its work on board, the Sukru Okan continued on its way to the port of Izmail."
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A spokesperson for the Turkish defence ministry said it was aware of an incident involving a ship heading for Romania, and confirmed officials were looking into it.
There has been no immediate comment from Ukraine or the ship's owners.
The incident is likely to further raise tensions - and heighten concerns in the shipping industry about the risks of doing business in the region.
Any potential disruption to shipping routes could have a knock-on effect on global supply chains and prices.
Ukraine and its allies have accused Russia's warnings to vessels in the Black Sea as amounting to an effective blockade of Ukrainian ports that threatens to cut off the flow of wheat and sunflower seeds to world markets.
Russia has rejected the claim and has in turn accused the West of failing to implement a parallel agreement to ease rules for its own food and fertiliser exports.