But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under stress as central banks tighten policy.
Deutsche had faced stinging criticism from some investors and politicians for its ongoing ties to Russia after saying that leaving would go against its values, as other banks cut off ties. The war has destabilized a key region for production of grain, oilseeds and fertilizer, where Ukraine and Russia make up a third of the world’s cereal exports. As the invasion drags into its third week, the UN’s Food and Agriculture Organization expressed concern that Ukrainian farmers won’t be able to plant seeds this spring or harvest a strong winter wheat crop expected in June.
“It is still unclear whether other exporters would be able to fill this gap,” he said. “Wheat inventories are already running low in Canada, and exports from the United States, Argentina and other countries are likely to be limited as government will try to ensure domestic supply.”
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