Browsing: Economic effects of Russia Ukraine war

The Russia-Africa Summit 2023
  • The second Russia-Africa Summit is underway in St Petersburg, Russia.
  • The first Russia-Africa summit in 2019 culminated in the signing of 92 agreements, worth over $11 billion.
  • Russia is looking to maintain major trade deals with Africa—a market of 1.3 billion people.

The second Russia-Africa Summit is currently underway in St Petersburg, Russia. This crucial summit taking place on 27th and 28th July has left tongues wagging in the West. The summit has the potential to either further isolate Russia globally or turn the tide and see Africa back Moscow.

How the summit plays out will have very significant outcomes in the determination of the ongoing geopolitical shifts.

$11Bn worth of deals in 2019 Russia-Africa summit

In 2019, Russia and a score of African leaders met for the first Russia-Africa Summit which culminated in the signing of 92 agreements, worth over $11 billion. This time around, with Africa facing a …

Ukranian grains
  • The war between Russia and Ukraine and the impact it has on global grain exports—which feed billions each day—highlight the urgent need for mobilizing private funding to ensure food security. 
  • Citi Research shows that Ukrainian grain harvests and exports this year could be down as much as 50 percent on pre-war levels. Africa is highly dependent on grains from Ukraine.
  • Meanwhile, the April 2023 edition of the Agricultural Market Information System Market Monitor shows the gradual decline over the past 10 months of global grain and oilseed prices to levels prior to the war in Ukraine.

The devastating war pitting Russia against next door neighbour Ukraine and its stifling of global grain exports underscores the urgent need for mobilising private funding to provide food for the hungry in Africa, which has been depending on Kiev to feed her people.

This is the call-to-action from deVere Group’s CEO Nigel Green, and…