Another year, another year of suffering for many, the most recent one being the ongoing conflict between Russia and Ukraine. With millions of people invested in this conflict, coming up with ways to help, all of which has resulted in sanctions being imposed on Russia.
All of these sanctions are going to have a lasting impact on the world’s economy, and seriously, what could be worse than this? With these strict sanctions imposed on Russia, the prices related to various different commodities have taken a hit along with the Russian Ruble.
This can also cause a food crisis globally. War and conflict have always had a huge, negative impact on food supplies. The agricultural industry is suffering because of the ongoing conflict between Russia and Ukraine.
Russia is among the top five producers of corn, wheat, and sunflower globally. The consequences that the world will face due to this would be severe. These sanctions will lead to higher prices of food and other resources.
Macro Carsten Brzeski, the global head of ING, said in a report earlier this week, “Given that Ukraine and Russia have also been labeled as the global breadbasket, food prices are also likely to surge further. Both countries account for roughly a quarter of total global exports.”
These sanctions, as per world leaders, were supposed to take a hit on Russia and not affect the world on a wider scale, but the complete opposite has happened. These sanctions will have and are already having potent effects on food prices around the world.
Due to restricted trade with Russia and sanctions imposed on it, the United States Of America is most likely to suffer in food supplies and their prices. Russia is also the second-largest producer of important crop potash. Hence, this whole conflict will end up affecting that as well.
Brezski further added in the report, “The world, and particularly Europe, could be facing severe supply disruptions, undermining the industrial rebound and also the private consumption rebound expected with the end of the Omicron restrictions. Globally, a surge in commodity prices will aggravate already existing inflationary pressures.”
All we have to say about this is that violence is never an answer and conflicts like this always have a bigger impact than the aggressor might think. Therefore, it is important for Russia to quit the ongoing war, if not for the world, then for the sake of its citizens itself.