The long-term consequences of the conflict on global food supply will impact both rich and poor countries, according to Yara International.
Svein Tore Holsether, President and CEO of Yara International has warned that it is essential for the world to reduce its dependency on Russia.
The company has condemned the violence after one of its offices in Ukraine was hit by a missile.
Holsether said that the company sources a “considerable amount of essential raw materials from Russia, used for food production worldwide.” He has expressed that the global food supply chain is vulnerable and “external shocks, including climate change, the pandemic and increased European gas prices have exposed the weaknesses”.
The new threat of war could mean disaster for global supplies. Ukraine is one of the world’s leading agricultural nations and the world’s second biggest within grains, however according to Yara International, if fertiliser is not added to this season’s grains, the crops could be reduced by 50% by the next harvest.
In addition, 25% of Europe’s supply of nitrogen, phosphate, and potash, used for fertiliser, comes from Russia.
A consequence of reduced supply, Holsether explains, could mean that “only the most privileged parts of the world population get access to enough food.”
“It is therefore crucial that the international community come together and work to secure world food production and reduce dependency on Russia, even though the number of alternatives today is limited”, he says.