Russia is considering setting up a unified trading company to export fertilizers in a bid to increase its pricing influence on global markets.
The idea was proposed in July by UralChem PJSC’s founder Dmitry Mazepin, two people familiar with the situation said, declining to be identified because the information isn’t public. It has since been discussed by Industry Minister Denis Manturov and Prime Minister Mikhail Mishustin, the people and another person close to the government said. No decision has been taken and it’s not clear when the proposal will be discussed again, all three people said.
Russia is the world’s largest fertilizer maker, with produce accounting for about 15% of global annual consumption. While fertilizer companies haven’t been included in international sanctions over Russia’s war in Ukraine due to their importance for global food security, Baltic ports have stopped handling most products, contributing to a decline in shipments. An exodus of global shipping companies, some international banks and insurers from Russia has also made it harder to send goods abroad.
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