Putin ups the global ante yet again over his war in Ukraine, by calling for a halt to Russian fertilizer exports.
The Ministry of Industry and Trade urged Russian fertilizer producers cut volumes to farmers due to delivery issues with foreign logistics companies, according to a Friday statement. The country, which has been facing increasing international sanctions since invading Ukraine last week, is a major low-cost exporter of every type of crop nutrient.
Russia was the second largest producer of potash last year.
Losing their export volume virtually guarantees global agricultural costs and prices are about to go ballistic.
Remember, “food price inflation” is not that far removed from “famine”.
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