- The war has triggered a huge spike in wheat prices, with Russia and Ukraine among the biggest exporters of the commodity. Many countries have banned wheat, as well as other food exports as a result of the Ukraine crisis.
- “As the war continues, there is a growing likelihood that food shortages, particularly of grains and vegetable oils, will become acute, leading more countries to turn to restrictions on trade,” said the International Food Policy Research Institute.
- Here’s a list of countries that have banned food exports in the months after the Russia-Ukraine war started, according to a live tracker developed by the International Food Policy Research Institute.
India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due in part to the Russia-Ukraine war.
The war has triggered a huge spike in wheat prices, with Russia and Ukraine among the biggest exporters of the commodity. Both countries account for 29% of global wheat exports, according to the World Bank.
“With food prices already high due to COVID-related supply chain disruptions and drought-reduced yields last year, Russia’s invasion came at a bad time for global food markets,” said the International Food Policy Research Institute (IFPRI) in an April note.
Washington D.C.-based think-tank the Peterson Institute for International Economics added in a recent note that Russia’s war on Ukraine has “taken a shocking toll on the region.” “It has also contributed to a global food crisis, as Russia is blocking vital fertilizer exports needed by farmers elsewhere, and Ukraine’s role as the breadbasket for Africa and the Middle East has been destroyed.”
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