In one of the most extreme cases of food protectionism since the start of the war in Ukraine, a ban on the export of palm oil from Indonesia went into effect on Thursday.

The largest supplier has imposed a total ban on the export of vegetable oil, covering palm oil products along the entire value chain. It's hard to overstate the importance of this tropical oil as it can be found everywhere today - in food, soap, lipstick and even printing ink, making this Indonesian step important for the whole world.

The decision exacerbates the consequences of the Russian invasion of Ukraine, which has thrown the global edible oil market into chaos. With food prices skyrocketing, governments around the world are taking steps to secure their own supplies. The United Nations has urged leaders to keep trade open, warning that protectionism will lead to higher prices and empty shelves in import-dependent countries.