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World faces shortages of grain, sunflower oil

The global food crisis which began during the pandemic is compounded by the suspension of the export of wheat and sunflower oil from Russia and Ukraine.

While this problem won’t affect Russia, the EU is already concerned over the lack of products.

Signs of a food crisis were already obvious before the special military operation in Ukraine, says Evgenia Serova, Director for Agricultural Policy of the Higher School of Economics.

The price hike was triggered not only by the pandemic but also by the EU-US switch to biofuel, which began draining the volume of crops used as food products, the expert said.

Besides logistics problems, due to the aggravated geopolitical situation, the world market may be negatively impacted by the suspended export of Russian fertilizers.

The Russian Industry and Trade Ministry recommended this move amid the sabotage of carriers refusing to transport Russian products.

Russia ranks among the top three global exporters of mineral fertilizers.

Freezing this export would only spark a price hike, the expert noted.

“For at least the next couple of years we will have to live under the conditions of galloping food products inflation,” she forecasted.

Source: Rossiyskaya Gazeta vis TASS