Russia has continued to ship its wheat at the now-higher price, finding willing buyers and raking in more revenues per ton. It is also expecting a bumper wheat crop in the next season, suggesting it will continue to profit from the situation. Global wheat prices have risen by more than 50% this year, and the Kremlin has collected $1.9 billion in revenues from wheat export taxes so far this season. By blocking Ukraine’s ports, Russia has forced that country to try and ship grain by land, resulting in exports of only about a quarter of its usual potential volumes.

Russia is winning from the global food crisis it helped create