New Zealand First wants the government to make resolution of the impasse between Russia and the Ukraine a serious priority for the Security Council.

'The extremely serious threat to world order and the global economy remains the impasse between Russia and the Ukraine,” says the Rt Hon Winston Peters, Leader of New Zealand First and a former Foreign Minister.

'Russia is the world's fifth largest economy so the world needs it fully integrated back into the global economy for the sake of international stability. Right now, however, fighting has intensified so we must use our role on the Security Council to seek a peaceful resolution.

'New Zealand is seriously affected by these events.

'Depressed global prices for our dairy exports give a hint as to the effect sanctions in Europe have had. The small but welcome rise in the latest GlobalDairyTrade price for whole milk powder to $2,402 is welcome but one-year ago it was $4,942.

'The reason why dairy prices remain flat is an estimated three billion litres of milk displaced by Russian demand.

'This contagion could easily spread to our beef exports that are helping to offset some of the fall in dairy prices.

'Rabobank's Sydney-based Animal Proteins Analyst, Matt Costello, puts the risk to us very clear. Russia is the world's largest beef importer and some 90 per cent of its beef comes from South America.

'With the fall in global oil prices, beef prices in Russia are skyrocketing and if that affects demand it could easily see South American beef flood onto the global market.

'Even our exports of raw hides, skins, and leather are suffering because demand for finished leather form Russia is way down. The lamb meat schedule has fallen because of drought-like conditions here and once promising European growth now starting to falter.

'What happens in Russia and Europe is interrelated and directly affects us. Banks are going to fund farmers through one bad season but two or more seasons may tip off a crisis we have not seen in a generation.

'The world needs a united front and that starts with a united Security Council. New Zealand is in a position to do something positive about this and we must,” says Mr Peters.