Russian experts: sanctions against Russia will lead to a sharp rise in the price of agricultural products in Europe

MOSCOW, March 31 (RIA Novosti) - Mikhail Charnai, an expert of the FoodNet working group of Russia's National Technology Initiative (NTI), told Sputnik that the ban on Russian exports of fertilizers and energy will lead to a sharp increase in agricultural prices in Europe. Charnai told Sputnik that the ban on Russian exports of fertilizers and energy will lead to a decrease in crop production in Europe, which in turn will lead to a rise in prices of agricultural products.
 
Charnai said, "If Europe decides to give up Russian energy, coupled with the ban on fertilizer exports, it will lead to a sharp drop in production in EU countries and a rapid rise in prices of agricultural products."
 
He added that "Russia is one of the largest exporters of fertilizers, including nitrogen, potassium and phosphorus fertilizers. Our cheap electricity ensures that they are produced at low prices, including with nuclear power plants."
 
Experts note: "Our energy and fertilizers are products that the Europeans cannot replace quickly and at low prices. This will lead to a sharp increase in the prices of agricultural products in EU countries. By imposing sanctions themselves, they create no less or more problems for themselves than for us".
 
Russian President Vladimir Putin previously said that the sanctions imposed on Russia have inevitable negative consequences for the world fertilizer market and these affect the resolution of humanitarian problems. The Russian government has also extended the ban on potassium nitrate exports outside the Eurasian Economic Union until May 1, 2022, while this does not involve exports to the Donetsk People's Republic, the Luhansk People's Republic, Abkhazia and South Ossetia.

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