Germany will host a virtual meeting of agricultural ministers from G7 countries on Friday to discuss the global food security amid Ukrainian crisis and how to best stabilize food markets, the government said, according to Reuters.

"The provision of foodstuffs in Germany and the European Union is safe but greater shortages can be expected in some countries outside the EU, especially where scarcity already reigns today due to issues like drought," German Agriculture Minister Cem Oezdemir said in statement.

"Price hikes for agricultural products cannot be excluded in industrialized nations either."