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7/8, 11:48 AM (Source: TeleTrader)
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1.6B people threathened by food, energy prices - Borrell

Around 1.6 billion people around the world are "severely exposed to the combination of rising food prices, rising energy prices and tightening financial conditions," European Union's High Representative for Foreign Affairs and Security Policy Josep Borrell said at the G20 meeting on Friday. He accused Russia of exacerbating the crisis by attempting to "use food as a weapon of war, not only against Ukraine, but against the most vulnerable countries in the world."

Borrell also outlined the EU's response to the food crisis, including committing €7 billion in support by 2024 and helping with food affordability and production. Commenting on the grain export blockade in Ukraine, he said the EU is working to get the grain out through alternative routes. "2.5 million tons were exported in June, compared to 1 million in April. But it is costly and slow to address the issue," he conceded. "An additional 50 million tons are expected with the next harvest. Freeing storage capacity becomes more and more urgent."

Baha Breaking News (BBN) / DJ