Russia’s war against Ukraine threatens to destroy the economies of many developing countries, which are now facing even higher food and energy costs and increasingly difficult financial conditions, a United Nations working group has warned.

UN Secretary-General Antonio Guterres released the report on April 13, saying the war is exacerbating a crisis in food, energy and finance in the poorest countries already struggling to deal with the COVID-19 pandemic, climate change and lack of access to adequate funding for economic recovery.

“We are now facing a perfect storm that threatens to destroy the economies of many developing countries,” Guterres told reporters.

“Approximately 1.7 billion people – a third of whom already live in poverty – are now highly exposed to disruptions in food, energy and financial systems that are causing growing poverty and hunger,” he said.

Guterres also mentioned the fact that 36 countries import more than half of their wheat from Russia and Ukraine.

Rising food and energy prices, coming at the top of the overwhelming debts of many poor countries, could lead to social and political instability, Guterres said.

He called for an immediate end to the war in Ukraine, the lifting of export restrictions, investment in renewable energy and financial support for developing countries.