Russia is also the world’s top wheat exporter. Together with Ukraine, both account for roughly 29% of the global wheat export market. China is also a big recipient of Ukrainian corn — in fact, Ukraine replaced the U.S. as China’s top corn supplier in 2021,” said Dawn Tiura, president at Sourcing Industry Group. Russia and Ukraine are also big suppliers of metals and other commodities, analysts said.While the European Union would be affected by the escalating crisis, Germany would be especially hit.
Oil and gas prices are set to spike further as the Russia-Ukraine crisis escalates, but the impact on energy won’t be the only ramification. From wheat to barley, and copper to nickel, analysts tell CNBC that supply chains are set to be disrupted as the crisis takes a turn for the worse. Ukraine is considered the “breadbasket of Europe,” and an invasion would result in the food supply chain getting hit hard.