Russia and Ukraine are among the world’s largest producers of nitrogen fertilizers and grain crops
According to the FAO (UN) and other analysts, Ukraine and Russia account for a combined 28% of global wheat exports.
As of today, Ukraine has banned all exports of wheat, oats, millet, buckwheat, sugar, cattle, meat and numerous other products, as reported by The Hill.
This move is certain to cause a global supply shortage crisis in these grains, leading to even more scarcity and price inflation for the next 1-2 years. This is on top of Hungary also banning all wheat exports a few days ago.
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