“Russia-Ukraine Conflict will have severe trade implications,” warns WTO

The World Trade Organization (WTO) has warned that the conflict between Russia-Ukraine will have severe trade implications on agriculture and energy prices.

The Director-General of the World Trade Organization and former Nigerian Finance Minister, Dr. Ngozi Okonjo-Iweala, disclosed this, while expressing worry over the continued violence in Ukraine.

“At the WTO, we have watched this tragedy in Ukraine unfold with disbelief and the hope that it would have been peacefully resolved.

“However, this is now the 7th day and we are deeply saddened by the continued suffering and loss of life,” said Dr. Okonjo-Iweala.

“We are also concerned about the trade implications of the conflict, especially trade in agriculture and food products and the rise in energy prices and their effects on the impacted population,” she added, while hoping for a peaceful and quick resolution.

Amaka E. Nliam/ Nairametrics