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Ukraine Could Lose $6B in Grain Exports

Countries that rely on imports of Ukrainian wheat will need to find alternative supplies

Cargo ship at sea port via pixabay mar 2022

Ukraine faces a possible grain revenue loss of $6 billion as the blockade of its ports by Russian forces prevents it from selling millions of tonnes of wheat and corn that had been earmarked for export by June, a senior industry official told Reuters.

Countries that rely on imports of Ukrainian wheat - including Egypt, Turkey and Yemen - will need to find alternative supplies, aid agencies have warned.

Russian warships off Ukraine's southern coast are preventing cargo ships from leaving the ports, including the major hub of Odesa on the Black Sea, grain exports have all but ground to a halt since the start of the war on February 24.

Mykola Gorbachev, chairman of the Ukrainian Grain Association, told Reuters the country had around 20 million tonnes of wheat and corn still to export from the 2021/22 season, which ends in June, at an average price of around $300 per tonne.

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