Russia raises export quotas on fertilizers

Russia raises export quotas on fertilizers

Russia has increased export quotas on complex mineral fertilizers to support domestic producers, according to a resolution published on the Cabinet of Ministers website on Sunday.

“The current export quotas for Russian producers of mineral fertilizers have been temporarily increased by nearly 700 thousand tons,” the resolution states. The measure will be valid until May 31, 2022.

“These measures are necessary to support fertilizer producers who face the risk of idle time due to low demand in the domestic market and sanctions from unfriendly states,” the announcement stated further, referring to sanctions placed on Russia by a number of Western states in response to Moscow’s military operation in Ukraine. Fertilizers, however, have so far largely been spared from restrictions. The US even removed fertilizers from its sanctions list earlier this month in order to protect US farmers from shortages as food prices continue to soar.

The Russian authorities expect countries that have not joined the anti-Russia sanctions to take advantage of the move and buy more Russian fertilizers.

According to the document, the export quota for nitrogen fertilizers is set at about 5.7 million tons and for complex fertilizers at about 5.6 million tons.The quotas will not apply to fertilizer exports to the Donbass region, as well as to Russia’s neighbors Abkhazia and South Ossetia.

Earlier this month, Russian President Vladimir Putin said Western countries would continue to buy Russian fertilizers because the commodity is in short supply.

“They will buy the goods which are in short supply. They will. No one wants to die of hunger,” the Russian leader stated.

For more stories on economy & finance visit RT's business section

Source: www.rt.com

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