Russia’s Security Council reports that the closure of the Strait of Hormuz has brought global fertiliser exports to a near standstill, with nitrogen supplement prices soaring by 30 percent.
Deputy Secretary Alexander Venediktov cautions that the disruption threatens to disrupt Asia’s sowing campaign, while oil supplies to Europe and Asia are already running 40 percent below planned levels.
The Strait of Hormuz handles roughly a third of the world’s seaborne fertiliser trade.
With no immediate alternative in place, Russia, the world’s largest fertiliser exporter, says it cannot compensate for the lost shipments.
The UN’s trade agency had previously warned that countries like Sudan, which relies on the waterway for more than half its supply, will be hit hardest by the shortages.
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