• By The Financial District

Ukraine Has Sufficient Grain Reserves; WB Warns Of Global Recession

Ukraine has sufficient grain reserves to meet domestic and global demand until the end of the year, President Volodymyr Zelensky’s economic advisor Oleh Ustenko said but added the supply could last until yearend provided Russia stops blockading the Black Sea are ended, Kyiv Independent reported.

Photo Insert: Wheat fields in Oblast Lviv, Ukraine

The assurance came as World Bank (WB) president David Malpass warned that the war in Ukraine could trigger a global recession as Europe, China and the US are experiencing lower growth.

The US has rejected Russia's offer to unblock Ukrainian ports in exchange for lifting sanctions. US State Department spokesman Ned Price called Russia’s suggestion to unblock Ukrainian ports in exchange for lifting sanctions a bunch of empty promises.

“The quickest solution to rising raw material prices and rising food prices around the world is to end the Russians’ brutal war,” Price said.

Turkey is also negotiating with Russia and Ukraine to open a corridor for grain via Turkey.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

An undisclosed senior Turkish official told Reuters that negotiations are ongoing to circumvent obstacles to exporting grain from Ukraine. Russia is blocking more than 20 million tons in Ukraine’s Black Sea port, and using it to blackmail the West to lift sanctions, Foreign Minister Dmytro Kuleba said earlier.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The Pentagon disclosed that the US will not involve the military to assist the export of grains from Ukraine. Pentagon Press Secretary John Kirby said that while Russia is weaponizing hunger by preventing the export of grain from Ukraine’s ports, the US will not employ military resources to this end.

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