Moscow, January 16 – The Financial Times, citing data from the Food and Agriculture Organization of the United Nations (FAO), reported that Russian fertilizer export revenues rose sharply in 2022 due to higher prices despite lower sales volumes.
In the first 10 months of last year, Russia’s income from fertilizer exports reportedly grew by 70% compared to the same period in 2021, to $16.7 billion.
According to the FAO analysis, import statistics from Moscow’s trading partners show that fertilizer exports were down just 10% from a year earlier. Analysts predicted at the start of Russia’s military operation in Ukraine that supplies would run low.
It is noteworthy that Moscow increases its exports to countries such as India, Turkey and Vietnam. “It is clear that countries like India have been the biggest beneficiaries (in terms of fertilizer imports),” the organization said.
Representatives of Russia, Turkey, Ukraine and the United Nations on July 22 last year signed a grain deal, which has become an integral part of a comprehensive agreement providing for the liberalization of Russian exports of food and fertilizers. Moscow indicated that this did not happen. At the same time, there were assurances from the United Nations that restrictions on the export of food and fertilizers would be lifted. A few days ago, Russian Ambassador to Turkey Alexey Yerkhov indicated the lack of progress in implementing the memorandum of understanding between the Russian Federation and the United Nations on the normalization of Russian agricultural exports. He said Russian manufacturers and suppliers still faced freezes on bank payments, exorbitant insurance rates and denial of port access. The official representative of the UN Secretary-General, Stephane Dujarric, reported that the UN continues to work on removing obstacles to the export of Russian food and fertilizers.
The West has stepped up sanctions pressure on Russia over Ukraine, which has led to higher prices for electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin had said earlier that the policy of containing and weakening Russia is a long-term strategy of the West, and the sanctions dealt a serious blow to the entire global economy. According to him, the main goal of the West is the deterioration of the lives of millions of people. The Russian Federation has repeatedly stated that Russia will solve all the problems that the West creates for it.