FX.co ★ China warns of food crisis due to Westerns sanctions

The Chinese media once again highlighted that sanctions against Russia imposed by Western countries have proven to be detrimental to the European community. This time, they resulted in a looming food crisis. In response to the sanctions, Russia suspended its fertilizer exports. On top of that, the ongoing military conflict has disrupted the supply of wheat and corn from Ukraine and Russia. As a result, food prices soared, and European consumers felt unprecedented pressure. Most EU countries have already been hit hard by record-high inflation. Some EU citizens are afraid they will have to cut down on everyday food consumption amid rising inflationary pressures, the Chinese media say. Meanwhile, the fertilizer crisis is getting worse. According to Maximo Torero, the Chief Economist of the UN Food and Agriculture Organization, if the problem is not resolved and the export of fertilizers does not continue, the world will face a serious shortage of food supply next year. He added that the current increase in the cost of leaving may pose a significant challenge to the global community not seen in the past 40-50 years.