Commodity prices have surged globally since Russia invaded Ukraine in April 2022. A vast majority of Ukraine's exports take place from The Black Sea; on average, Ukraine exports 45 million tons of grain per year around the globe. However, after Russia's invasion of Ukraine in February 2022, exports stopped, and grain piled up. Exports were unable to leave Ukraine following the invasion; as a result, lack of access to food has only intensified food insecurity in developing countries, particularly those that rely on food imports. The cost of energy, fertilizers, and grains have risen, along with other commodities. Consequently, the situation is also impacting global supply chain issues, which had already been disrupted due to the COVID-19 pandemic.
On July 27, 2022, the The Black Sea Grain Initiative was signed; it allows for exports to resume under the guidance of the UN's Joint Coordination Centre. Frequent updates regarding The Black Sea Grain Initiative can be found here.
