Russia may suspend exports of wheat, barley and corn from tomorrow, Tuesday, until June 30, Interfax news agency reported on Monday, quoting the Russian Ministry of Agriculture.

Russia is the world's largest wheat exporter, and among the main buyers are Egypt and Turkey, and it mainly competes in wheat exports with the European Union and Ukraine.

"The ministries of agriculture and trade have prepared a draft government decree that will impose a temporary ban on major grain exports from Russia from March 15 to June 30," the agency quoted a ministry statement as saying.

Meanwhile, Russian billionaire Andrei Melnichenko - the king of coal and fertilizer - described on Monday the Russian war on Ukraine as a tragedy that must be stopped, or there will be a global food crisis, because fertilizer prices are already rising very quickly, and many farmers can no longer buy them.

Several of Russia's richest businessmen have publicly called for peace since President Vladimir Putin ordered the war on February 24.

The West has imposed sanctions on Russian businessmen, including sanctions imposed by the European Union on Melnichenko, freezing Russian state assets, and isolating many Russian companies from the global economy, in an attempt to force Putin to change course.

need for peace

"Events in Ukraine are really tragic, we urgently need peace," Melnichenko, 50, who is Russian but born in Belarus and whose mother is Ukrainian, told Reuters in an emailed statement to his spokesman.

He added that "one of the victims of this crisis will be the agriculture and food sector."

Putin said last Thursday that food prices will rise globally due to the sharp rise in fertilizer prices if the West places obstacles in the way of Russia's exports of fertilizers, which account for about 13% of global production.

Russia's Ministry of Trade and Industry has ordered the country's fertilizer producers to temporarily suspend exports this month

"Now this will lead to higher food price inflation in Europe and, most likely, will lead to food shortages in the world's poorest countries," Melnichenko said.

Russia's Ministry of Trade and Industry ordered the country's fertilizer producers to temporarily suspend exports this month.

The United Nations Food and Agriculture Organization (FAO) said on Friday that food and feed prices could rise by as much as 20% due to the Russian war on Ukraine, which in turn could cause widespread malnutrition worldwide.

A spokesman for Melnichenko stressed that "he has no connection with the tragic events in Ukraine, and has no political affiliation," noting that Melnichenko would appeal the sanctions imposed on him.


IMF: Ukraine's economy could shrink by 35%

In Ukraine, the International Monetary Fund said in a report published on Monday that the country's economy is expected to contract by 10% in 2022 due to Russian military operations, but the outlook could deteriorate sharply if the war continues for a longer period.

The experts' report, which was prepared ahead of the IMF's approval of $1.4 billion in emergency financing, said:

  • Ukraine's economic output could shrink by 25-35% based on real GDP data in countries like Iraq, Lebanon and other war-ravaged countries.

  • Ukraine has an external financing gap of $4.8 billion, but its financing needs are expected to increase, and it will need significant additional financing on concessional terms.

  •  The country's public debt is expected to jump to 60% of GDP in 2022 from around 50%.

  • The inflation rate in Ukraine will accelerate to 20% in 2022 from 10% in 2021.

  • The Ukrainian government continues to meet its foreign debt obligations despite extremely difficult situations.