To any sanction, reaction.
Russian President Vladimir Putin said on Thursday that the sanctions could lead to global food price inflation.
Because of these sanctions, imposed because of the invasion of Ukraine, Russia will no longer be able to export enough fertilizer.
"If it continues like this, it will have serious consequences (...) for the food sector as a whole, the rise in inflation will be inevitable", he said, during a government meeting, while Russian fertilizer exports must be suspended.
“Prices will keep going up”
Russian fertilizers are not per se affected by Western sanctions.
On the other hand, the finance and supply chain sectors are affected, which affects Russia's ability to export.
“If we continue to create problems for us to finance this work, ensure it, in logistics, the delivery of our products (…) then the prices will increase more and more, and this will be felt on the price of the final product, foodstuffs,” noted Vladimir Putin.
Russia, just like its neighbor Belarus, also harshly sanctioned, are major world suppliers of mineral fertilizers and supply both Europe and South America.
Export suspensions
Following the announcement of massive sanctions against Russia and its economy, in retaliation for the conflict in Ukraine, the Russian Ministry of Industry last week recommended that Russian fertilizer producers temporarily suspend their exports.
Among other consequences, the sanctions prevent some of Russia's largest banks from operating internationally.
The economic retaliatory measures taken by Western countries against Russia have led to a spectacular drop in the price of the ruble.
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Inflation
Vladimir Poutine
Food
War in Ukraine
Russia
World
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