DHAKA, 23 March 2022, (TON): A top commerce ministry official said “disruptions in imports following Russia’s invasion of Ukraine have hiked up staple prices in Bangladesh, amid growing concerns over food security.”
Bangladesh largely depends on Russian and Ukrainian markets for the bulk of its annual wheat and oilseed imports.
Russia’s multipronged assault on Ukrainian territory, which began on Feb. 24, has been followed by a host of sanctions against Moscow, with major international companies pulling out of the market and some Russian banks banned from the Swift payment system that is key for money transactions worldwide.
The sanctions and the volatile situation in Eastern Europe have resulted in a sharp increase in prices for staples in the South Asian nation of 170 million people.
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