The Russian President, Vladimir Putinannounced this Tuesday that Russia intends to “monitor” their exports from food products towards “hostile” countries, in full escalation of sanctions with Western countries for the invasion of Ukraine.
“In a context of global food shortagesthis year we will have to be cautious with deliveries abroad and carefully monitor those exports to countries that are clearly hostile to us,” Putin said in a meeting broadcast on television. The sanctions imposed on Russia since last February 24 have dragged to Russia to its worst economic crisis since the fall of the Soviet Union in 1991.
high energy prices
Putin has warned that higher energy prices combined with fertilizer shortages will boost the West to print money to buy supplieswhich will cause food shortages among the poorest countries.
“There will inevitably be increased food shortages in the poorest regions of the world, there will be new waves of immigrants and, in general, prices will rise further.”
Russia is the world’s largest wheat exporter. Mainly supplies it to Africa and the Middle East and is a major producer of fertilizers containing potassium, phosphate and nitrogen, key nutrients for crops and soils. Russia produces more than 50 million tons of fertilizers a year, 13% of the world total.
“Pressure” against Gazprom
Putin has also condemned the “pressure” exerted against the Russian gas giant Gazprom in Europe and has warned that nationalizing its assets, as Germany announced on Monday with the subsidiary in its country, will be a “double-edged sword”.
“The situation in the field of energy is aggravated due to brutal measures not linked to the market, especially the administrative pressure against our company Gazprom in several European countries,” he stressed.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.