Spain prepares for losses due to disruptions on imports from Russia and Ukraine

Spain prepares for losses due to disruptions on imports from Russia and Ukraine.

Around 1000 companies from Catalonia export to Russia and Ukraine on a regular basis. Not all payments go through anymore as some Russian banks have been forced out of the SWIFT system, while the political situation has also posed logistical issues as ports and highways in the region can no longer be used.

As for Russian imports, energy products – mainly in the form of gas but also oil – stand out, although Russia is only the 5th biggest supplier in Spain. EU-wide price-setting mechanisms are nonetheless likely to impact already high electricity bills.

Ukraine was Catalonia’s main sunflower oil and corn supplier : 44% of all sunflower oil and 35% of all corn imports in Catalonia came from Ukraine. Corn and other cereals from Ukraine, such as wheat, are typically used for animal feed in Catalonia.

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