largest exporter of wheat, a major exporter of barley and maize, and the largest exporter of sunflower oil in 2020. But with Ukraine’s farms under attack and Russia sanctioned, Ukraine and many countries are at risk of much worse food insecurity.dpa/picture alliance via Getty Images
Ukraine exports other critical non-food commodities as well. “One element that people don't think of often, is that about 70% of the value-added neon gas in a semiconductor chip comes from Ukraine,” Natalie Jaresko, the former finance minister of Ukraine explained in an exclusive extensive interview on myrecently. “So, we had semiconductor chip supply problems during COVID; those problems are going to be accelerated.
In addition, “Ukraine is number 12 in the export of steel…and serves as a major parts supplier to the automotive industry in Europe. So, almost all thethat go into European cars are manufactured in Western Ukraine,” Jaresko added. The war is rippling through the auto sector, causing further supply chain issues that could raise automobile prices.
Overall, “the economy is unfortunately, again, being suffocated,” Jaresko lamented, “the estimate is …right now, halfway through the year, a 50% decline in GDP.”Natalie A. Jaresko, then-Ukraine Minister of Finance, speaks at the IMF and World Bank Group SpringThe Ukrainian IT community “pre-war was extremely important globally,” Jaresko said, including an underground IT community that has mobilized to fight Russia.
“They formed something called an IT army and they organize, to be perfectly frank, cyberattacks against Russian entities, whether they are governmental, non-governmental. They interfere in the press to be able to show and expose the pictures of the true atrocities to the people of Russia who don't have access to freedom of the press,” she added. Their strong crypto community has raised significant donations too,” she said.