The UN Warns of Three-Dimensional Crisis with Ukraine War
GHRTV
14-04-2022
Myrthe Niemeijer
International Justice and Human Rights Researcher
Global Human Rights Defence
On 13 April, the UN Global Crisis Response Group on Food, Energy and Finance (‘GCRG’)- chaired by UN Secretary-General António Guterres- released its first report detailing the ‘three-dimensional crisis’ in Ukraine. It discusses how the war in Ukraine has produced widespread devastating effects on food, energy and financial markets, and thus, the world economy.
The world food markets are immediately affected by the war, as the GCRG report denotes Ukraine and Russia as among the ‘world’s breadbaskets’, providing large shares of the world’s bread ingredients such as wheat and seeds. Consequently, the global commodity prices are record-high. So, too, are energy prices including oil and gas, due to Russia’s dominance in exporting role. Moreover, the report warns that “we are on the brink of a global debt crisis” (GCRG, 2022, p.10); rising bond yields of developing countries are aggravating the financial disorder, particularly for developing countries.
Ending with several policy recommendations for all three dimensions, the GCRG in its report urges the world to aid the countries most affected by the crisis. For instance, it recommends making ‘immediate and efficient’ use of existing mechanisms to alleviate both direct consequences of the war in Ukraine and the wider consequences in developing countries. Action is required on both the short- and medium term, with subsequent longer-term recommendations by the GCRG forthcoming.
Sources and further reading:
UN Global Crisis Reponse Group. (2022, April 13). UN Global Crisis Response Group on Food, Energy and Finance. United Nations. https://news.un.org/pages/global-crisis-response-group/
UN Global Crisis Response Group on Food, Energy and Finance. (2022). Brief No. 1: Global Impact of war in Ukraine on food, energy and finance systems. https://news.un.org/pages/wp-content/uploads/2022/04/UN-GCRG-Brief-1.pdf
