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Russia suspends fertilizer exports and warns ‘negative consequences’

Russia suspends fertilizer exports and warned 'negative consequences'

Russia suspends fertilizer exports and warned ‘negative consequences’

The Russian Industry Minister announced on Thursday that the Vladimir Putin government has decided to halt fertilizer exports.

The announcement was made after Russian President Vladimir Putin warned of the ‘negative consequences’ of Western countries’ sanctions.

Also Read | Ukraine-Russia crisis: Indian fertilizer industry consider to source MoP, DAP from other countries.

‘If the Western world causes problems for Russia, there will be unavoidable negative consequences for the global market,’ Russian President Putin said at a government meeting.

Russia has fertilizer agreements with friendly countries, and Moscow did not want ‘such price increases’ on its food markets. ‘The situation is deteriorating, and the price may rise further. Food will become more expensive as a result,’ he predicted.

The suspension of fertilizer exports follows the Russian Trade and Industry Ministry’s recommendation to ‘temporarily halt’ shipments.

It is an indication that the sanctions imposed after Russia invaded Ukraine may have an impact on other countries. To comply with sanctions, many major international shipping companies halted virtually all cargo shipments to and from Russia.

‘We have recommended that Russian producers temporarily suspend export shipments of Russian fertilizers until carriers resume their work and provide guarantees that Russian fertilizer exports will be fully completed,’ the Ministry stated.

Also Read | Russia-Ukraine conflict: India’s wheat exports expected to exceed 10mt this fiscal year – USDA.

Russia produces 50 million tonnes of fertilizer per year, accounting for 13% of global output. The country is a major exporter of fertilizers containing potash, phosphate, and nitrogen, all of which are important crop and soil nutrients.