Port Blockade Could Cost Ukraine’s Agricultural Sector $20.5 Billion in Unsold Products

This was stated by Minister of Agrarian Policy and Food of Ukraine Taras Vysotskyi in an interview with DW.

«We calculated that, on an annual basis, this could amount to around $20.5 billion in unsold products. These are not losses that have already been incurred as of today, but an annual equivalent. In fact, we see that this could amount to up to $1 billion per month in an actual decline in exports, starting from August,» he said.

The Minister recalled that there is no formal closure of shipping, but constant attacks targeting civilian vessels have created a situation in which ships have not been calling at ports since the beginning of August. However, in his view, work is needed on the geopolitical track to reopen the ports. Alternative export routes can handle only half of the 60 million tonnes of potential grain and oilseed exports.

«The more alternative routes there are, the more time we can allocate to resolving the security situation around the ports of Greater Odesa. But if this is not resolved, the world must understand that, on a systemic basis, at least more than 30 million tonnes of products will stop being supplied to international markets. There will simply be a shortage of these products — there will be no other route to supply them,» Taras Vysotskyi explained.