ST. PETERSBURG, July 28. /TASS/. Problems in global food and energy markets arose even before the start of the current situation in Ukraine, Russian President Vladimir Putin said at a plenary session of the second Russia-Africa summit.

"I have said before, and would simply like to reiterate, that the difficulties in global food and energy markets did not arise yesterday, nor did they occur due to the situation in Ukraine. They arose, started arising during the fight against the coronavirus pandemic as many countries, including developed nations, that closed businesses for public health reasons were, consequently, forced to support their populations and their [domestic] production in various sectors," he explained.

Currency emissions were at the root of the problems, Putin noted. "There was colossal emission [of money] in the United States, and there was a colossal emission in the eurozone. A smaller one in the eurozone, while in the US the volume was greater. The money printed was then allocated for buying up food in global markets, which pushed prices up immediately," the president said.

He also noted that the Western countries pursued a short-sighted policy in the energy sector, as they, "at the risk of jumping rather ahead, with no grounds to believe that alternative energy options would prove efficient, started neglecting hydrocarbons and failed to invest money in developing hydrocarbon-based energy sources."

All this resulted in a rise in prices for energy resources, which eventually affected the cost of fertilizers, Putin added.

"One mistake after another. Those are fundamentals that turned the markets for food, mineral fertilizers and energy upside down. This is the reason for the price hike. Of course, what is happening in Ukraine today encourages these processes to an extent, although the original reason is not to be found here; the original reason lies in the fundamental errors made by the industrially developed countries in financial and energy policies. This is where the reason for the rise in food prices ultimately lies. We should, of course, also think about what lies on the surface, and we will speak about it today; I mean the crisis in Ukraine as well," he said.