Food crisis looming because of the war in Ukraine

EU sanctions against Russia over the war in Ukraine are driving up fertiliser prices, leading to what one CEO said is going to be a food crisis.

“We are going to have a food crisis. It’s a question of how large,” said Svein Tore Holsether, the CEO of major fertiliser producer Yara International, the Wall Street Journal reported on Friday.

His comments came as the Bloomberg Green Markets North America Fertiliser Price Index jumped almost 10% on Friday to an all-time high.

On March 11, Norway-based Yara International announced that, due to EU sanctions, it would no longer be sourcing supplies from Russia. But Holsether said he was weighing a moral dilemma even before sanctions hit, as he knew cutting Russian supplies would contribute to food inflation.

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