Nurse Svetlana Savchenko, 56, stands next to the building, destroyed during Ukraine-Russia conflict, where her apartment was located in the besieged southern port city of Mariupol, Ukraine March 30, 2022. REUTERS/Alexander Ermochenko - RC21DT9PX9PBMUMBAI, March 31 - The West has sown the seeds of a growing sanctions backlash in emerging markets.
A U.S. treasury official acknowledged the problem on Tuesday, noting allies must work together to address global food security challenges. Ukraine and Russia account for 38% of global wheatexports, and Russia is a major exporter of fertilisers, accounting for about one fifth of the market in some cases. Developing nations that struggled through the pandemic now face a food crisis that could destabilise their governments.
Waivers and workarounds, the traditional methods for granting relief to countries caught in diplomatic crossfire, might be less effective this time around given the sweeping scope of the sanctions and the complexity of trading links, exacerbated by logistical challenges as shippers struggle with poor security conditions and difficulties insuring themselves.Buying in bulk is one option.