Russia’s unprovoked full-scale war against Ukraine could have effects reaching far beyond Ukraine’s border, with Secretary-General of the United Nations Antonio Guterres tweeting that it may result in 20% of Earth’s human population being thrown into poverty, destitution and hunger on a scale not seen in decades.
“The only lasting solution to war and its impact on the poorest and most vulnerable people is peace,” he added.
This would be due to rising food prices in developing countries, due to Russian interference with Ukrainian wheat production and export, as well as shortages of fertilizer due to sanctions on Russian companies.
This, coupled with sanctions on Russian oil and gas companies, which developing nations are reliant on, could result in greater social instability in many nations in the Global South - further exacerbating a debt crisis as Western investors hold back foreign investment.
The UN Secretary-General urged international financial institutions to explore options for increasing crisis financing and decreasing debt repayments for the next two years.