Lebanon’s economic crisis applies pressure to wheat prices

Lebanon’s economic crisis applies pressure to wheat prices

The ongoing crisis in Ukraine following Russia’s invasion continues to put a strain on the global food supply. This, in particular, will put Lebanon in dire straits as the country continues to struggle economically.

As part of its efforts to cripple Ukraine from an economic standpoint, Russia has been occupying the port city of Odesa in order to block the export of food supplies such as wheat. Lebanon relies on importing wheat from countries like Ukraine and Russia, so this puts the country in a bind.

“With Lebanon already facing its biggest economic crisis ever, the impact of Russia’s war in Ukraine has exacerbated dire living conditions for the Mediterranean nation of nearly 7 million,” CNBC reported. “Lebanon imports most of its food and all of its fuel, and over 80% of the country’s wheat comes from Ukraine and Russia.“