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Europe's Farmers Lost $20 Billion to Speculators' ‘Ukraine Grain’ Scam

The decision of the European Union to remove any tariffs or quotas on Ukraine’s agricultural produce cost farmers in the EU $20.6 billion in 2022 and 2023, according to European Agriculture Commissioner Janusz Wojciechowski. He stated this yesterday at the Brussels meeting of EU agriculture ministers. Outside the meeting was a large demonstration of farmers, whose tractors jammed up parts of Brussels.

The cover story two years ago was that Ukraine’s produce would go to countries in need around the world. The reality is that speculators found it much more profitable to keep the grains in Europe, which both undercut EU farmers and kept underdeveloped populations hungry.

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