Europe's risky reliance on Russian fertilizers: Economic leverage at play
By its own choice, Europe persists in giving Vladimir Putin tools that could impact its economy significantly. Fertilizers, often dubbed the "second gas," could become a critical issue, influencing food production prices due to the absence of sanctions and a continued reliance on Russian supplies.
7 May 2024 08:47
Russia dominates the fertilizer market, leaving Europe vulnerable as it metaphorically places its head into the lion's mouth. The influx of low-priced fertilizers from the East puts immense pressure on European producers. Despite this, there are no sanctions in place against Russia, which continues to earn millions of euros from these transactions, as reported by "Dziennik Gazeta Prawna."
In February alone, the European Union purchased 521,300 tonnes of Russian fertilizers for €167.4 (£143,6) million, marking a 16 per cent increase from the month prior. According to Eurostat, the EU imported twice as much urea from Russia in 2023 as it did the year before.
Belgium imports the most fertilizers from Russia, 427 thousand tons. Germany is the second-largest importer of urea, with 24,620 tonnes valued at £33.49 million. In comparison, imports from Belarus amounted to 11,040 tonnes, costing £11.5 million.
