Sanctions on Russia destabilizing global economic system: Shahid Rasheed

Sanctions on Russia destabilizing global economic system: Shahid Rasheed

ISLAMABAD (INP): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt has said that sanctions on Russia are destabilizing the global economic system.
In a statement issued here on Sunday, he warned that if the ban on Russian fertilizers and crop nutrients are not lifted immediately, food prices will rise further around the world and it will lead to a famine-like situation in many countries.
Dr. Shahid Rashid Butt said that Russia is a major exporter of many types of fertilizers, crop nutrients and chemicals and a prolonged ban on these products will plunge the world into a terrible food crisis.
Ukraine is also a major exporter of agricultural products, fertilizer and other chemicals.
It has reduced exports of many items and banned the export of fertilizers which has aggravated the situation.
He said that apart from oil, gas the war has also pushed up the price of fertilizers to new heights, which has pushed up the prices of wheat, maize and other commodities.
Many countries meet 80 to 90 percent of their fertilizer needs through imports from Russia, while many countries, including nations that are part of NATO rely on Russia to feed their population.
Mr. Butt said that many countries are taking various steps to end their dependence on Russian agricultural products, but this will take years.
Taking advantage of the current situation, companies producing and trading agricultural products in many countries can try to make additional profits, which will aggravate the crisis, he warned.
Pakistan is facing an acute shortage of wheat, which must be imported without delay.
There is also an acute shortage of urea. Therefore, around two hundred thousand tonnes should be imported well in time to save the Kharif crop lest it becomes costly in the international market, he said.

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