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Economics expert Fatos Çoçoli warns of very difficult days for Albania: Filling food reserves
Written by SOT.COM.AL 24 Shkurt 2022
Russia's attack on Ukraine will deal a blow to Europe's economy, but not only. Economics expert Fatos Çoçoli said the attack would have economic consequences in the Balkans as well.
We get wheat mainly from Serbia. We must not forget that Serbia is a producer, at the same time it is a kind of dispatcher of the main products, wheat and Russian flour. Through the Serbian dispatcher we get both flour and wheat from Russia and Ukraine. Because of this conflict this will be impossible in the coming days. We must think well to have the right strategic reserves because first the price will be much higher, there are also the first signs in the grain market in the world. It will aim for growth itself, it can go to levels up to 20% more expensive. This should make us understand that having the right reserves is not about blocking the flour or wheat market because it can always be replaced by supply. Wheat products brought from Canada or Argentina,
Çoçoli said that as soon as the attack in Ukraine took place, the markets reacted immediately, where the price of oil rose by 10 dollars more. According to the expert, the price of electricity and gas will also increase.
"Within a second, as soon as the news was received this morning that Russia had attacked Ukraine, the markets reacted. The first to rise immediately was the price of fuel. The price of crude oil normally traded in all world markets was $ 100 per power, $ 8-10 more than just a few seconds ago. That was the immediate blow. We will have rising prices and international markets in terms of electricity prices, especially liquefied natural gas because one of the world's leading producers of liquefied natural gas is Russia. Even the so-called 'Nord Stream 2' pipeline of the future for Western Europe that was blocked is part of the sanctions. We will have an increase in liquefied gas. "The price of electricity, because Russia is an important producer", said Çoçoli.