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UN warns Russia-Ukraine maritime war drives wheat prices up 20%
🇵🇾 Paraguay /Economy & Trade

UN warns Russia-Ukraine maritime war drives wheat prices up 20%

From ABC Color · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News From a news agency Ongoing story
  • The UN has warned that escalating maritime conflict between Russia and Ukraine in July has driven wheat prices up 20%.
  • Russian attacks on Black Sea ports like Odesa and Chornomorsk have disrupted food supply chains, affecting civilian vessels.
  • Ukraine has retaliated by targeting Russian maritime logistics, leading to navigation restrictions in the Sea of Azov and contributing to soaring food and energy costs.

The United Nations has issued a stark warning regarding the intensifying maritime conflict between Russia and Ukraine, noting that escalating hostilities in July have significantly impacted global food prices. Wheat prices have surged by 20% since the beginning of the month, with further threats to other food and energy supplies.

Kayoko Gotoh, director of the UN Department of Political and Peacebuilding Affairs for Europe, Central Asia, and the Americas, informed the Security Council that Russian attacks on Black Sea ports, including Odesa and Chornomorsk, are once again straining the market. Gotoh reported that Odesa alone has seen over half a dozen attacks on civilian vessels this month, resulting in casualties among the crew. Many of the targeted ships were carrying foodstuffs and flew the flags of third countries, raising concerns about the stability of supply chains.

Beyond targeting vessels, Russia has also attacked Ukraine's food industry infrastructure, destroying machinery and crops. Prior to the full-scale invasion, Ukraine was a major global supplier, accounting for approximately 10% of the world's wheat, 15% of corn, and 13% of barley, according to European Commission data.

Russian attacks on ports and cargo ships threaten to once again strain the market.

— Kayoko GotohInforming the UN Security Council about the impact of the conflict.

In response, Kyiv has expanded its attacks on Russian maritime logistics, including oil tankers. "More than 100 vessels have been hit in the Sea of Azov in July, leading to navigation restrictions in that sea," Gotoh stated. Data from the UN Conference on Trade and Development (UNCTAD), cited by Gotoh, indicates that wheat prices have reached their highest level since March 2024.

The UN is calling for an immediate cessation of hostilities and all actions that endanger civilian maritime navigation, emphasizing the interconnectedness of the conflict's impact on global markets.

More than 100 vessels have been hit in the Sea of Azov in July, leading to navigation restrictions in that sea.

— Kayoko GotohDetailing Ukraine's retaliatory actions against Russian logistics.
DistantNews Editorial

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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