Source: Zerno On-Line (Russia)
Russia, as the world’s largest wheat exporter, should create joint food reserves with BRICS and EAEU countries. Furthermore, this initiative aims to counter the risk of a global food crisis caused by the war in the Middle East. Reuters reported this news, citing a statement by Alexander Maslennikov, Deputy Secretary of the Russian Security Council.
BRICS Food Reserves: Addressing Supply Chain Risks
The situation has been exacerbated by the effective closure of the Strait of Hormuz. Previously, a third of the global fertilizer trade passed through this route. Consequently, this disruption creates significant challenges for agricultural production worldwide.
“To ensure food security, it is crucial to expand cooperation with friendly countries, primarily with the member states of the Eurasian Economic Union and BRICS, including through the creation of joint food reserves,” Maslennikov emphasized.
He estimates that if the global fertilizer shortage persists until early summer, the yield of the world’s major crops could fall by half. Moreover, this decline would trigger record food inflation. Meanwhile, the number of hungry people worldwide risks rising to 673 million.
International Warnings and Russia’s Position
Last week, the World Bank, the IMF, and the UN World Food Programme warned that the conflict-related spike in energy and fertilizer prices would inevitably impact food security.
Russia, a major fertilizer producer, does not have the spare capacity to dramatically increase production this year. However, according to Maslennikov, the crisis also offers long-term opportunities for Russian farmers.
“Russia is well positioned to increase food exports to the Middle East, as well as to Asia, Africa, and Latin America,” he said.
Additionally, the country is already a key wheat supplier to Egypt. Furthermore, Russia actively exports food to China and India.