New Delhi: Amidst the Russia-Ukraine War, countries around the world have started banning exports. Along with America and other European countries, many other countries including Lebanon, Nigeria, and Hungary have also joined this race. Ajay Kedia, director of Kedia Advisory, said that this race to ban exports has not only created a threat of rapid inflation across the world but has also increased the fear of recession.
On the other hand, the UN Food Agency says that due to the ban on exports due to the Russia-Ukraine war, inflation is increasing rapidly around the world. Inflation of food products worldwide has increased to a record level in February due to the rise in the prices of edible oil and dairy products. During this period, the inflation of food products has increased by 20.7 percent on a yearly basis. The Food and Agriculture Organization’s Food Price Index rose to 140.7 points in February from 135.4 points in January.
America bans luxury products
The US has banned luxury products exported to Russia and Belarus. The US Department of Commerce says that after the attack on Ukraine, Russia has given rise to a major crisis around the world. To deal with this, it is necessary to stop the war, for which sanctions are being imposed on Russia. Similarly, the European Union has also banned the export of luxury products to Russia.
Russia banned 200 products
In response to sanctions imposed by the US and other European countries, Russia has also banned the export of more than 200 products. These products include energy, telecom, medical, vehicle, agriculture, wood, and its products and electrical equipment. Moscow says that this logical step has been taken in response to sanctions from other countries.
Ukraine stopped the export of many products including wheat
The Ukrainian government has also banned the export of wheat, oats, and other food products that are vital to the global food supply. The Ukrainian government says that during Russia’s intense attacks, its citizens do not have any shortage of food and drink, so the export of these products is being banned. The export of millet, sugar, live cattle, meat, and other products has also been stopped under the new agricultural rules introduced this week.
Indonesia bans palm oil
Indonesia has also banned the export of palm oil. This has aggravated the global food crisis. Indonesia’s Trade Minister Mohammad Lufti says that the export of palm oil has been banned so that oil is easily available to the citizens of our country at an affordable rate.
Hungary and Nigeria were also included in the race
Hungary has also banned grain exports amid rising prices. Hungarian Agriculture Minister Istvan Nagy said the move was taken in view of the rise in prices after Russia’s invasion of Ukraine. The leading German agricultural trade group Beva AG criticized Hungary’s decision. On the other hand, Nigeria has also banned foreigners from buying agricultural products directly from farmers.
