Since the beginning of the Russian invasion of Ukraine, energy and food prices have significantly risen. The impact of the direct and indirect supply shocks that the conflict brought to commodity markets is strictly linked to the degree of reliance on wheat and energy from these countries. Nearly 30% of all wheat exports come from these two countries (around 10% Ukraine and 20% Russia). Their wheat is mainly imported by countries in the Middle East and North Africa with vulnerable economies, thus making the current situation in Ukraine also a threat to global food security. The disrupted wheat export supply…