Moscow, RU (Reuters) — Escalating tensions between Moscow and Western countries over Ukraine and the possibility of sanctions against Russia have fueled fears that supplies of key commodities produced and exported by Russian companies could suffer.
The United States and European countries have threatened to impose sanctions on Russia if it invades Ukraine, something Moscow has repeatedly denied planning.
Wheat and fertilizer are two of the commodities that would potentially be affected.
Russia is the world's largest wheat exporter, with Turkey and Egypt among its main buyers.
It produced 76 million tonnes of wheat last year and is expected by the U.S. Department of Agriculture (USDA) to export 35 million tonnes in the July-June season, 17% of the global total.
Russia has been curbing grain exports since 2021 with quotas and taxes as part of its wider efforts to subdue inflation.
The global market fears supplies could get disrupted if the conflict between Russia and Ukraine escalates and affects commercial shipping in the Black Sea, the main wheat export route of the two countries.
Russia is a major producer of potash, phosphate, and nitrogen containing fertilizers — key crop and soil nutrients.
It produces more than 50 million tonnes a year of the fertilizers, 13% of the global total.
They export to Asia and Brazil.
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