US House of Representatives to consider banning russian agricultural products

The US House of Representatives is debating and is likely to pass the russian Agricultural Products Ban Act. The act will require the Treasury Secretary to instruct US officials at the IMF World Bank and other international financial groups to promote investments aimed at reducing global dependence on russian fertilisers and grain, Americanagnetwork.com reports.

“The brutality that Russia has unleashed upon the Ukrainian people is having profound effects in Ukraine and around the world. This includes significant cuts to global food supply and steep prices for countless foods and fertilizers,” said Bill sponsor and Ranking House Financial Services Democrat Maxine Waters.

In 2022, russia's full-scale invasion of Ukraine pushed up global prices for fertilisers and grain. But in early 2023, prices started easing.

DTN reports that average retail prices for fertilisers were variable last year, with six of the eight main fertilisers lower at the end of December and two slightly higher. Between January and July, prices fell by around 34%, with the drop also being driven by a fall in demand for natural gas during the warm weather.