“The implications of this full-fledged war in the very heart of Europe will be felt on every corner of the globe,” Zelenko said. “Ukraine is considered to be one of the major exporters of essential food products globally, also to Asia. We of course can see the rising prices of oil and gas, which will be also felt in the Asian region.”
Russia’s invasion of Ukraine could lead to prolonged supply chain disruptions in Asia that could cause a spike in food prices if countries don’t act to support the government in Kyiv, Ukraine’s Ambassador to Singapore Kateryna Zelenko said.
The two countries account for more than a quarter of the global wheat trade and about 80% of sunflower oil cargoes. The war is threatening to further disrupt supplies to big buyers such as China and India at a time when food inflation is already high.
