Like many people, Gary Sharkey has been constantly checking the news for the latest developments on the Russian invasion of Ukraine. But his interest is not just personal: as procurement director of Hovis, one of Britain’s biggest bakers, Sharkey is responsible for buying in everything from grains for bread to steel for machinery.
Russia and Ukraine are both important grain exporters, between them accounting for almost a third of the world’s traded wheat. For Hovis, the surge in wheat prices caused by the invasion and the subsequent sanctions on Russia have important cost implications for its business.
“Ukraine and Russia — the flow of grains from the Black Sea is so important for the world market,” says Sharkey as exports from both countries have virtually come to a halt.