Mideast food crisis another opportunity for Russia | The Bell

Mideast food crisis another opportunity for Russia

Alexander Kolyandr Alexandra Prokopenko

Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we cover one underreported aspect of how Russia could benefit from the war in the Middle East: a looming global food crisis and surging fertilizer prices.

Russia stands to gain financially and politically from Middle East fertilizer and food crisis

The war in the Middle East could trigger a fertilizer crisis, pushing up food prices in both the short and longer term. As one of the leading exporters of both fertilizer and grain, Russia is in line for a financial boost from higher prices. But it could also enjoy a geopolitical lift as it becomes an indispensable supplier and guarantor of food security for the Global south. This is precisely what Vladimir Putin sought in 2022-23 when he first pushed for a Black Sea deal to facilitate exports amid the war with Ukraine. Moreover, the latest developments in the war have reduced the likelihood of Europe going for an all-out rejection of Russian gas.

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