The Workplace of International Belongings Management (OFAC) of the US Treasury revealed a brand new common license dated March 24, which successfully eliminated Russian mineral fertilizers from attainable sanctions. They have been included within the record of important merchandise together with agricultural merchandise, medicines and medical merchandise.
Of their opinion, the rationale for the US resolution was the scarcity on this planet market in opposition to the backdrop of a disruption within the logistics of provides from Russia.
Within the US, the share of Russian provides in complete imports is 6% for potash, 20% for diammonium phosphate and 13% for urea.
In February, India had launched talks with Russia for long-term provide of fertilisers. Had it gone via, it will have helped India safe imports at secure charges regardless of robust world costs. It will have additionally provided some reduction from geopolitical instability affecting provides. However the scenario modified after February 24.
In FY 2021, Russia alone accounted for over 17 % of complete MOP (muriate of potash) imports and practically 60 % of NPK (nitrogen, phosphorous and potassium) imports.