Yara suspended purchases from Russia

Norwegian producer of mineral fertilizers Yara International (hereinafter Yara) stopped all purchases from Russian companies due to sanctions of the European Union imposed against them.

“Yara is studying the scope and impact of the sanctions in detail,” press-release of Yara said. “The company is focused on global food security and urges the government to protect the food supply chain and reduce dependence on Russian imports.”

The information and analytical service of Fertilizer Daily believes that Yara could purchase potassium chloride from Russian producers, as they acquired it from Belaruskali before the plant fell under the US and EU sanctions.

“Although Yara hasn’t revealed the company it stopped buying from, it’s quite likely to be EuroChem. EuroChem produces potassium chloride and its owner Andrey Melnichenko was sanctioned by the European Union,” Fertilizer Daily commented. “Anyway, this decision of Yara in relation to Russian companies may lead to another decrease in its output of mineral fertilizers and their rise in price in the EU and global markets.”