Grain embargo: Ukrainian farmers will lose about $600 million

The National Bank of Ukraine predicts a reduction in foreign exchange earnings of agrarians until the end of 2023.

“In our July macroeconomic forecast, we estimated losses from the ban on exports to neighboring countries of agricultural products at approximately 600 million dollars. At present, this assessment remains more or less relevant,” said NBU Deputy Chairman Serhii Nikolaychuk during the briefing.

According to him, there are additional risks associated with the shelling of ports on the Danube.

“So far, these shellings have not been reflected in the volume of supplies, but we understand that there may be risks. However, there is also good news – the forecast for grain and other agro-industrial crops will be higher this year than NBU experts predicted in July. And these are additional foreign exchange revenues,” emphasized Serhiy Nikolaychuk.