‘War in Ukraine Means Hunger in Africa’
The International Monetary Fund’s two top leaders discuss the global economic ramifications of Russia’s invasion.
In the month since Russia’s invasion of Ukraine, countries around the world have imposed historic sanctions to punish Moscow for flagrantly violating international agreements. Although it is technically still able to export oil and gas, many potential buyers are already boycotting energy supplies from Russia, the world’s largest exporter of oil, contributing to the highest global crude prices in a decade. Other commodity prices are soaring too: Wheat prices have jumped 60 percent since February, nickel prices are at their highest in more than a decade, and fertilizers and pesticides are now in short supply in global markets.
Ravi Agrawal is the editor in chief of Foreign Policy. Twitter: @RaviReports
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