Global commodity trade flows will need to adapt to some or all of Russian and Ukrainian supply being unavailable, global miner and commodities trader Glencore said in its annual report on Wednesday.
The removal of Russian and Ukrainian supply may be due to infrastructure damage, sanctions, or "ethical concerns", Glencore said.
Russia's invasion of Ukraine has caused havoc in commodity markets. Russia is a key supplier of oil, natural gas, coal, aluminium and nickel, while Ukraine is a major global producer and exporter of grain and vegetable oils.
(Reporting by Helen Reid, Editing by Louise Heavens)