On Thursday, President Biden warned that crippling sanctions imposed on Russia by the United States and its allies could lead to food shortages. Biden made the remarks at a news conference at the NATO summit in Brussels.
“We talked about food shortages, yes we talked about food shortages, and it’s going to be real,” Biden said after meeting with multiple world leaders. The president added that sanctions would hurt Americans in addition to Russia. “The price of sanctions is not only imposed on Russia,” he continued. “It has been imposed on many more countries, including European countries and ours.”
Biden noted that both Russia and Ukraine, two of the world’s most important grain exporters, have called Europe’s “bread basket.” The President then emphasized that he was in constant discussion with other G7 leaders on the need to increase food production.
“In addition, we call on all European countries and everyone else to stop trading … restrictions on sending food abroad,” Biden said. “And, therefore, we are in the process of working with our European friends to help address food-related concerns.”
According to the Observatory for Economic Complexity, Russia and Ukraine produce 25% of the world’s wheat supply. Although none of these countries export wheat directly to the United States, their absence from the world market is expected to weigh on supply and push up prices.
As of Thursday, the White House had insisted that Americans would not be affected by food shortages. While we are not expecting food shortages at home here, we do expect that high energy, fertilizer, wheat and corn prices could significantly affect energy supply, food supply and purchase prices for countries around the world, “Saki told a news conference earlier this week. .