Collapsed grain and gas deals spell disaster for Europe
Amid the never-ending coverage of the latest offensive or counteroffensive in Ukraine, it is often unappreciated just how much worse the global economic repercussions from the conflict could have been. Russia is the world’s leading exporter of gas and provided around 50% of the EU’s demand before the war; Ukraine, meanwhile, is a major exporter of grain, alongside Russia itself. The complete disruption of either of these channels would have resulted in catastrophe.
