The closure of the Strait of Hormuz has brought global fertiliser exports to a near standstill, with nitrogen supplement prices surging by 30 percent, according to Russia’s Security Council.
Deputy Secretary Alexander Venediktov stated that the disruption poses a significant threat to the sowing campaign in Asia, as oil supplies to Europe and Asia have already dropped 40 percent below planned levels.
The Strait of Hormuz handles roughly a third of all global seaborne fertiliser trade.
With no immediate alternatives available, Russia, the world’s largest fertiliser exporter, says it cannot compensate for the loss.
The UN’s trade body cautioned last month that countries like Sudan, which sources more than half its supply through the waterway, will face the most severe shortages.
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