With the Russia-Ukraine war stretching on for over two weeks, Russian President Vladimir Putin issued a fresh threat to the West, which might have great repercussions for Indian farmers.
While addressing Russian government officials on March 10, Putin reportedly warned of skyrocketing fertiliser prices if the West continues punishing Russia. Putin reportedly said, "Russia and Belarus are one of the largest suppliers of mineral fertilisers to world markets. If they continue to create any problems with financing this work, insurance, logistics, delivery of our goods, then the prices, which are already exorbitant, will grow even more."
The statement is of great significance for India, which is the world's largest urea importer, and also buys considerable amounts of phosphatic and potassic fertilisers, as per reports. Rising fertiliser prices would hurt the Indian government's wallet, even as fertiliser subsidy was reportedly cut to Rs 1.05 lakh crore in the 2022 Budget from Rs 1.40 lakh crore a year ago.
Russia reportedly produces 50 million tonnes of fertilisers every year, which is almost 13% of global output.