Russian bond default ‘imminent’, warns Fitch, as more companies suspend operations – business live

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UK announces new aviation sanctions against Russia and investigates plane at Farnborough

Irish dairy and beef farmers are being urged to start growing crops as agriculture ministers from G7 countries including Britain’s George Eustice meet on Friday to discuss grain shortages and food price volatility amid the war in Ukraine. There are rising fears that consumers will face price hikes on staples such as bread in addition to rises in fuel, with grain supplies disrupted by the conflict.

Ukraine, once known as the breadbasket of Europe, said on Wednesday it was banning exports of rye, barley, buckwheat, millet, sugar, salt and meat for the rest of the year. Together with Russia it supplies 30% of global wheat and barley fuelling fears of shortages not seen since the second world war when consumers in Britain were encouraged to plant vegetables in gardens, yards and on rooftops. Government data shows Ukraine supplies 20% of the UK’s cereals.

 

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