India: Russian Invasion of Ukraine - Agricultural Trade Impact on India

Since initiating the hostilities, Vladimir Putin’s Russian Federation’s war of aggression against neighboring Ukraine has led to volatility in different sectors of the global economy. For India and the region, trade is disrupted in the grains, oilseeds, fertilizer, and energy sectors. Post sources inform us that some 380,000 MT of sunflower oil shipments destined for India from the Black Sea region are waylaid at ports. New purchases are being suspended for the foreseeable future due to the war. India is the largest market for Ukraine’s sunflower oil, which in 2021 exported $1.9 billion to India (out of $5.69 billion total). Disruption of sunflower oil consignments from Ukraine will potentially offer possibilities for increased U.S.-origin soybean oil shipments to India. The crisis has also improved Indian wheat and corn export prospects in the region.