Russian domestic price freeze on fertilizers extended through June 2024 with no indexation - FAS

MOSCOW. Dec 6 (Interfax) - Measures to maintain fixed prices for nitrogen and nitrogen-containing fertilizers on the domestic market have been extended through May 31, 2024; there will be no indexation, Russia's Federal Antimonopoly Service (FAS) said.

The decision is related to the extension of quotas for Russian fertilizer exports for the period from December 1, 2023 through May 31, 2024.

Prices for nitrogen and nitrogen-containing fertilizers for the Russian domestic market were frozen in July 2021 because of strong growth in foreign markets. In accordance with recommendations from FAS, their maximum prices were indexed in June and September 2022, while indexation planned for December was cancelled.

Starting on December 1, 2021, Russia also introduced non-tariff quotas on the export of nitrogen and complex fertilizers as one measure to curb rising food prices. The restrictions have been extended several times. In November, the Russian government decided to extend quotas for the export of fertilizers through May 31, 2024 inclusive.