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While the war in Ukraine is raging and the world is watching the developments with bated breath, the chain effects are chained[/B] and the economic level of the war is also "touching" Cyprus.
The view that the accuracy due to the war between Russia and Ukraine is escalating, was expressed by KEBE Secretary General Marios Tsiakkis, speaking to the Cyprus Times[/B].
"We already see the prices of grain and fuel going up.The sanctions on Russia will certainly bring more problems with the smooth supply of the markets," he stresses."
As Mr. Tsiakkis said, in addition to the price of fuel due to a pandemic, the war is now being added, which is bringing new increases. "Russia is the 2nd largest producer after Saudi Arabia[/B] of 40%[/B] of Europe's energy needs. So the price of fuel and gas is rising, which affects all economies and Cyprus horizontally," he explains.[/B]
"The two countries Ukraine-Russia make up 30% of the world's grain. Prices are certainly rising and when a product is exported from a country that is at war, it will have difficulties in exporting it smoothly. Ships are leaving Odessa ports and now that Turkey has closed the straits - if it applies to merchant ships - it will be even more difficult. The markets will probably have problems to supply grain, so we will have price increases and shortages."
In Cyprus, as Mr. Tsiakkis explained, recommending calm, there are 2 companies involved in flour production and there are about 4 months of stocks. "An increase in prices with chain effects on products made from flour is considered a given, as companies will raise prices knowing the upcoming increases," he said.
Finally, he recalled that the fall and devaluation in the ruble will also significantly affect tourism in Cyprus mainly from Russia, since, he said, it is 25%.
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