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Russia Jolts Global Fertilizer Market by Seeking End to Exports

  • Losing Russia would be a ‘severe supply shock’, analyst says
  • Move comes as North American fertilizer prices jump 10%
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Russia’s efforts to halt fertilizer exports by domestic producers threatens to shock the global market and push prices of crop nutrients to new records, exacerbating food inflation around the world.

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.