Ukraine grain crisis could cost $60 billion globally, minister warns
The situation in the Black Sea is "critical", Ukraine's Minister of Agrarian Policy and Food, Taras Vysotskyi, tells Europe Today, warning of far-reaching implications for global food prices.
Ukraine's Minister for Agrarian Policy and Food, Taras Vysotskyi, has warned that the ongoing blockade of the nation's Black Sea export routes could result in a global economic cost of up to $60 billion, according to Europe Today. Minister Vysotskyi reported a 25 percent increase in grain prices on average, with potential global implications for food prices.
Russia has escalated its attacks on Ukrainian vessels and infrastructure in the Black Sea, which the country relies on for the export of approximately 90% of its agricultural commodities. Additionally, storage facilities in Ukraine have also become targets of aggression. Vysotskyi informed Euronews that the Ukrainian government is making progress in ensuring that harvests reach the market, including the establishment of solidarity lanes by the EU to provide alternative transport corridors.
When asked about the possibility of a negotiated deal with Russia, brokered through Ukraine's international partners, Vysotskyi expressed readiness to create safe conditions in the Black Sea for all civil goods, including Ukrainian agricultural commodities. He emphasized Ukraine's openness to such a proposal.
However, Vysotskyi also stated that Ukraine cannot trust Russia's commitment to a potential moratorium, emphasizing the uncertainty surrounding future actions and the possibility of a deal. He concluded, "The reality is that we can never trust what's going to happen tomorrow, or after any kind of memorandum or deal is done."
Written by urgent.news from Euronews's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
