Russia's Blockade of Ukraine Could Cost Global Consumers Up To $60 Billion
Russia's attacks on Ukraine's Black Sea export routes have become 'critical', according to Taras Vysotskyi, Ukraine's Minister for Agrarian Policy and Food.
The blockade is causing grain prices to increase by an average of 25%, with the potential to cost consumers worldwide up to $60 billion in additional costs within a year. This is due to Ukraine relying on the Black Sea for around 90% of its agricultural commodity exports.
Vysotskyi stated that while Kyiv is making 'some progress' in ensuring Ukrainian harvests reach the market through alternative transport corridors, such as those established by the EU, Ukraine cannot trust Russia's commitment to a potential moratorium on attacks. The minister explained that this is because 'we can never trust what's going to happen tomorrow, or after any kind of memorandum or deal is done.'