The world’s breadbasket is being wrecked by war. Ukraine and Russia account for 30% of global wheat and barley exports and are leading exporters of other grains. The two countries are also the source of nearly 70% of the world’s sunflower oil exports, while Russia accounts for 13% of all crude petroleum exports. As the conflict in Ukraine rages and sanctions on Russia escalate, food and energy prices – which were rising even before Russia invaded Ukraine – are spiking in countries far away from the front lines, with devastating implications for the world’s most vulnerable communities.
Read the article by Rabah Arezki, Former Chief Economist and Vice President at the African Development Bank