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US wants local companies to buy more fertilizer from Russia: report

The ongoing conflict between Russia and Ukraine has been going on for more than 100 days and since the start of the invasion, a number of major countries have imposed strict sanctions on Russia and prominent Russian figures. The United States has been in the lead when it comes to major sanctions against Russia, along with a number of Western countries. However, according to a Bloomberg report, the United States has stepped up its efforts to help its companies finalize their fertilizer purchases from Russian companies. The global food crisis created by Russia’s invasion of Ukraine is a major reason the United States is seeking to buy cheap fertilizer from Russia, the report adds.

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According to Bloomberg, sources have confirmed that the government has been quietly pushing companies to increase their order over time. With the sanctions imposed by the European Union and other major countries, the United States seeks to take advantage of the situation.

According to official data seen by Bloomberg, fertilizer exports have fallen by almost 24% in Russia and producers are ready to sell their stock at a much lower price. However, fertilizers are exempt from the list of sanctions imposed by the US and EU, which creates a loophole that can be used to continue trade without causing major problems.

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It is also seen as a way to keep supply chains active, as the sanctions have severed ties between the rest of the world and Russia, a major supplier.

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Post expires at 5:19pm on Friday June 24th, 2022