Farmers worldwide are feeling the sting of sanctions as the war in Ukraine has sent fertilizer prices soaring to all time highs prompting concerns around global food security. According to the Green Markets North America Fertilizer Price Index, fertilizer prices are now 40% higher than they were a month ago prior to the invasion of Ukraine. This highlights how dependent many farmers are on Russia exports of fertilizer. Russia and Belarus are the largest exporters of key compounds like urea and potash. With global trade disrupted and sanctions in place, Russia officials directed their fertilizer producers to slow exports.  A lack of fertilizer will reduce agricultural output virtually worldwide. Economists are already designating this as a global food crisis.

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Picture Credit Susanne Kuehne

Posted on 5 April 2022