Control of agri exports takes center stage in Ukraine’s foreign revenue power struggle

Since the beginning of the all-out war, agricultural products have become the main export commodity. Before the Russian attack, the foreign exchange earnings of agricultural companies hovered around 30-40% of Ukraine's total exports.

In 2022, it crossed the 50% mark for the first time, and in 2023 it exceeded 60%. This increase in the weight of agricultural exports was due to the fact that, amid a decline in foreign exchange revenue of metallurgical companies, farmers have been steadily maintaining sales at $23 billion.

It was at this time that the fiscal lobby and the National Bank began to change the export rules – exclusively for those companies that supply grain abroad. Officially, this selectivity is explained by the fact that there is a lot of smuggling in agricultural exports. That is, grain is exported, but only part of the money for it comes to Ukraine.