Amid escalating military tensions between Russia and Ukraine, Seoul's Ministry of Agriculture, Food and Rural Affairs held a meeting on Wednesday to discuss needed measures to stably manage grain prices, while closely monitoring the international grain market.

Russia and Ukraine account for about ten percent of Korea's annual import of feed grains such as flour, corn and soybean, equivalent to some 17 million-220-thousand tons.

International grain prices have become volatile amid mounting tension at the Russia-Ukrainian border. But participants of the Wednesday meeting expect that recent price fluctuations will have a limited impact on Korea, given the import ratio involving the two countries and the levels of domestic inventory.

Still, the ministry will strengthen its monitoring of the situation and devise relevant countermeasures, as it does not rule out the possibility of a negative impact of grain supply chain disruptions on Korea in the case of a prolonged political instability.