Russian Industry Minister Denis Manturov on Thursday said the Vladimir Putin administration has decided to suspend exports of fertilizers.
The announcement followed after Russian President Putin warned of “negative consequences” of the Western world’s sanctions.
“If the West creates problems for Russia, then there will be inevitable negative consequences for the world market,” Russian President Putin told a meeting of the government.
Russia has agreements with friendly countries on fertilizers and Moscow did not want “to have such price rises” on its food markets. “The situation is getting worse and the price could rise further. That will make food more expensive,” he said.
The suspension of fertilizers export comes on the heels of a recommendation made by the Russian Trade and Industry Ministry to “temporarily halt” shipments.
It is a sign that sanctions imposed after Russia invaded Ukraine might impact other countries. Many major international shipping companies suspended virtually all cargo shipments to and from Russia to comply with sanctions.
The Ministry said: “We have recommended Russian producers temporarily suspend export shipments of Russian fertilizers until carriers resume their work and provide guarantees that Russian fertilizer exports will get fully completed.”
Russia produces 50 million tonnes of fertilizers annually accounting for 13 per cent of the world’s total output. The country is a major exporter of potash, phosphate, and nitrogen-containing fertilizers, all of which are major crop and soil nutrients.