The escalation of relations between Russia and Ukraine could result in further growth in global food prices, which are already close to multi-year highs, Reuters reported, citing analysts and traders. Natalya Shagaida, Head of Agrarian Department of the Gaidar Institute, told “Agroinvestor” that any aggravation causes a spike in prices.

"Besides, the duration of this aggravation is unclear. It is a restriction on the physical movement of products, growth of insurance for ships and cargo. As a consequence, there is a reduction in the attractiveness of exports. Thus, given the current situation, prices in the foreign market are rising, but exporters whose ports are affected by restrictions, cannot take any advantage. Though, domestic prices may not be affected by this growth. Here, one needs thinking about the producers, especially at the beginning of the sowing season. How will they do if resources have already been bought at high prices but the price of products is not clear?