Business news from Ukraine


15 May , 2022  

At the opening of the G7 Agriculture Ministerial Conference in Stuttgart on May 13, Minister of Agrarian Policy Ministry of Ukraine Mykola Solsky proposed to discuss the creation of an influential organization of the main countries-supplies of grain in the world, responding to modern challenges and threats to food security, including from the Russian Federation.

As stated in the message of the Ministry of Agrarian Policy on Saturday, among the tasks of this organization, Ukraine sees, in particular, the establishment of maximum volumes of exports of grain crops to stabilize prices and predictability of the market, the development of a mechanism for directing excessive balances of agricultural products to the needs of the “green” sector of the economy.

In addition, this organization could apply joint restrictive measures against unfriendly actions of food importers, especially in the case of restrictive measures by third countries on the import of processed products.

Another principle introduced by the organization should be, in the opinion of Ukraine, the storage of grain residues contracted by third countries, to a large extent in producing countries.

Solsky also called on his colleagues to contribute as much as possible to lifting the blockade on the export of agricultural products from Ukraine.

“Due to the blockade of Ukrainian seaports, seven million tonnes of wheat, 14 million tonnes of corn, three million tonnes of sunflower oil and three million tonnes of sunflower cake, as well as other crops, did not enter the world market. This has already led to a record increase in prices on the world market and will inevitably lead to a global food crisis and rising inflation,” the minister said.