Reuters on Monday cited shipping data showing at least 24 ships filled with 678,000 tonnes of Russian fertilizer are en route to Brazil, despite heavy sanctions imposed after the Russian invasion of Ukraine in February.
The data was compiled by Agrinvest Commodities, a Brazilian brokerage and market analysis firm. According to the report, 11 of the 24 fertilizer-laden vessels inbound for Brazil left port after the beginning of the Ukraine invasion. The latest departure is a ship carrying 35,000 tonnes of potassium chloride that left Russia for Brazil on April 4.
“A fertilizer trader said deals were still possible as foreign units of Russian firms continue to fill orders, while banks untouched by Western sanctions process the payments,” Reuters noted.
Russia was one of Brazil’s top three sources for fertilizer chemicals before the invasion and Brazilian buyers worried their summer grain season could be ruined if Russian supplies were lost.
Russia is a major supplier of potash, ammonia, urea, and other vital fertilizer components worldwide.