Home Markets UN warns Russia-Ukraine war threatens billions as food, energy prices soar

UN warns Russia-Ukraine war threatens billions as food, energy prices soar

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Russia’s war in Ukraine is already taking a dramatic toll on the world economy and placing a huge swath of the world’s population, especially those in developing nations, at an increased risk of harm, the United Nations warned Wednesday.

The crisis has caused a “perfect storm” of disruptions to global food, energy and financial markets that “threatens to negatively affect the lives of billions of people around the world,” the UN said in a new report.

Those systems were already under immense strain due to the ongoing coronavirus pandemic, as well as climate change and other historic challenges, the report said.

But they have been greatly exacerbated by Russia’s invasion of Ukraine due to the region’s importance as a major commodities exporter, and the impact of unprecedented sanctions on Moscow that have thrown global markets off balance.

For instance, Russia and Ukraine produce about 30% of the Earth’s wheat and barley and provide the majority of the wheat…

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