Monday, 23 May, 2022
E-paper

Ukraine war 'catastrophic for global food'

  • Sun Online Desk
  • 7th March, 2022 03:30:48 PM
  • Print news

 

The war in Ukraine will deliver a shock to the global supply and cost of food, the boss of one of the world's biggest fertiliser companies has said, BBC reported.

Yara International, which operates in more than 60 countries, buys considerable amounts of essential raw materials from Russia.

Fertiliser prices were already high due to soaring wholesale gas prices.

Yara's boss, Svein Tore Holsether, has warned the situation could get even tougher.

Russia and Ukraine are some of the biggest producers in agriculture and food globally.

Russia also produces enormous amounts of nutrients, like potash and phosphate - key ingredients in fertilisers, which enable plants and crops to grow.

Analysts have also warned that the move would mean higher costs for farmers and lower crop yields. That could feed through into even higher costs for food.

Huge amounts of natural gas are needed to produce ammonia, the key ingredient in nitrogen fertiliser. Yara International relies on vast quantities of Russian gas for its European plants.