MOSCOW (Reuters) – Russia will limit exports of nitrogen fertilizers and nitrogen-containing fertilizer complexes for six months to try to stem any further rise in food prices amid high gas prices, Prime Minister Mikhail Mishustin said on Wednesday. fair.
Moscow has been trying to curb high food inflation with taxes on grain exports in 2021. The recent rise in global gas prices has raised concerns that higher prices for nitrogen fertilizers, which need gas for their production, would rise further. plus the cost of food for the Russians.
“The rise in natural gas prices has had a negative impact on global markets that could translate into Russia,” Mishustin said at a government meeting.
The government decided to limit exports of nitrogen and nitrogen fertilizer complexes “to avoid a shortage in our domestic market and the consequent increase in food prices,” he added.
The quota for nitrogen fertilizer exports will be set at 5.9 million tonnes, and for nitrogen fertilizer complexes at 5.35 million tonnes, he said.
Quotas of this size are equal to the traditional size of Russian exports of these fertilizers for the period and will help secure domestic supplies, an industry source tells Reuters, adding that the quotas should be set from Dec. 1 to May 31.
(Reporting by Polina Devitt, Andrey Ostroukh and Anton Zverev; Text by Polina Devitt)
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