American wheat farmers may benefit from the ban on food shipments from Russia by the United States and European Union. E.U. farmers, however, may see economic pain as a result of the Ukraine crisis.

Wheat prices skyrocketed when the turmoil in Ukraine began to intensify. Many wheat farmers in the U.S. see the crisis as a potential opportunity — Russia can produce its own wheat, but wheat-consuming countries could turn to the U.S. if tensions with Russia continue.

CCTV America’s Hendrik Sybrandy reports.

For many European farmers, their biggest market is Russia. With the sanctions imposed on Russia by the E.U., farmers there could see major losses.

MORE UKRAINE COVERAGE ON CCTV AMERICA.

Industry groups warn that more than 50,000 jobs are at stake in Europe. All E.U. countries are already reporting significant economic damage.

The E.U. expects losses of up to billions of euros resulting from Russia’s ban.

CCTV’s Jack Barton reports.

For more on the economic effects of sanctions on Russia, Kim Iskyan joined Biz Asia America. He is an emerging markets analyst for Stansberry Research.