BRUSSELS—The European Union will distribute 500 million euros ($550 million) to help farmers and allow them to grow crops on fallow land to mitigate food price spikes and potential shortages resulting from Russia’s war in Ukraine. Published on Wednesday, the proposals by the EU’s executive European Commission also include assistance to Ukraine to help its farmers sow corn and sunflower seeds and tend to wheat. Ukraine is a top global player in sunflower oil, with over 50 percent of world trade, and holds significant shares for wheat, barley and maize, which has already led to surges in prices and concerns about shortages. The EU executive stressed on Wednesday that there was no immediate threat to food security in the 27-nation bloc given it is a net exporter of cereals. However, recognising farmers will face higher fuel and feed prices, the EU will distribute 500 million euros to aid farmers hardest …