Business

Sanctions on Russia affecting whole world

Written by The Frontier Post

F.P. Report

ISLAMABAD: Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Thursday said efforts to teach Russia a lesson is hurting the whole world more than the target country.
The sanctions are plunging the world into a new crisis with the Middle East and Africa worst hit regions, he said.
Shahid Rasheed Butt said that multinational companies dealing with Russia for agriculture, seeds, agrochemicals, fertilizers, and pharmaceuticals from Russia should not be harassed; otherwise, a global problem of public health and food security will arise.
He said that dozens of countries that have nothing to do with the Russia-Ukraine war, including Egypt, Tunisia, Libya, Syria, Pakistan, Turkey, Qatar, Malaysia, Thailand, Jordan, Morocco, Ethiopia and Central Asian countries satisfy their wheat and other food requirements from Russia and Ukraine.
Huge quantities of commodities are imported from these countries to ensure their food security which is under threat due to sanctions that amount to punishing millions of masses for no crime.
He said that unnecessary sanctions on Russia are expected to reduce its agricultural production while the area under cultivation in Ukraine is being reduced due to war that will have a devastating effect. The price of bread in Lebanon has risen by 90% while the situation in the Middle East and Africa is alarming.
However, our policymakers are not taking emergency measures to import wheat despite a shortfall that will result in a nationwide crisis.
He recalled that food shortages led to riots in 40 countries and many governments fell and that history should not be repeated.

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