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Sanctions fight with Russia may drive up wheat prices - newspaper

August 12, 2014, 8:48 UTC+3 LONDON
Sanctions imposed on Russian banks are likely to drive up wheat prices in 2015, as Russian farmers will find it harder to access finance to produce their main crop
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© ITAR-TASS

LONDON, August 12, /ITAR-TASS/. The introduction of sanctions against Russia over the Ukrainian crisis is “likely to drive up wheat prices in 2015,” The Daily Telegraph reports on Tuesday.

The newspaper published an article by Professor Tim Benton, who leads the UK’s Global Food Security programme and lectures at the University of Leeds.

The article says, in particular, that “sanctions imposed on Russian banks are likely to drive up wheat prices in 2015, as Russian farmers will find it harder to access finance to produce their main crop.” “We are used to having plentiful food, and at an affordable price. But the crisis in Ukraine should remind us that we cannot take Britain's food security for granted,” the article says.

In a tit-for-tat move, Russia has banned food imports from the EU, US and Australia.

“These events are a sharp reminder that the international trade in food we take for granted can be built on shaky foundations. Last week, the National Farmers Union pointed out that if there were a significant hiatus in international trade, the UK is potentially exposed, as we produce only about 62% of the food we consume,” the article says.

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