September 20, 2023, 17:26

In case of a grain export ban, Ukraine may lose about 600 million euros by the end of the year – Denys Marchuk

While Bulgaria, Hungary, Poland, Slovakia, and Romania lifted the embargo on Ukrainian grain imports Ukraine lost about 170 million euros per month. If continued, the ban losses could reach about 600 million euros by the end of the year.

Denys Marchuk, Deputy Chairman of the Ukrainian Agrarian Council made this statement, during a briefing at the Media Center Ukraine – Ukrinform. 

“For us, as a war-torn country, as a country that has been selling its products priced well below market for a year and a half, the possibility of losing export prospects is highly problematic. And every month, deprived of the opportunity to export to these five countries [Bulgaria, Hungary, Poland, Slovakia, and Romania – ed.] we used to have, we lost about 170 million euros. Now, if we continue to lose, losses will amount to about 600 million euros by the end of the year. In the context of the war and support for the Armed Forces of Ukraine and the economy, these are large sums of money that we as a state are properly handling,” explained Denys Marchuk.

It should be noted that in May 2023, the European Commission banned Ukraine’s imports of wheat, corn, rapeseed, and sunflower to Bulgaria, Hungary, Poland, Slovakia, and Romania at the insistence of these countries. In June, the ban was extended until September 15, 2023.

However, in September, despite the European Commission’s decision not to extend the temporary trade restrictions on Ukrainian grain, Poland, Hungary, and Slovakia announced their decision to unilaterally introduce bans on selected Ukrainian agricultural products.

In turn, on September 18, Ukraine filed a lawsuit in the WTO against Poland, Slovakia, and Hungary over the import curbs on Ukrainian agricultural products.

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