Rolling coverage of the latest economic and financial news
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- Russia threatens Europe’s gas supplies as west mulls oil import ban over Ukraine invasion
- Wall Street suffers biggest slide in more than a year as oil prices surge
- How important is Russian oil and how high could prices go?
- Russia-Ukraine war: humanitarian corridor opened from Sumy; Moscow threatens to cut gas supplies to Europe – live
British food producers are facing surging prices for fertiliser, animal feed and CO2, which is used in packaging and the slaughter of livestock, as war in Ukraine disrupts exports from Russia and ramps up production costs.
Fertiliser prices are surging towards £1,000 a tonne, up from about £650 last week, linked to a surge in the price of gas – key to the production process – and panic-buying by farmers fearing the price will rise further in the coming weeks. The NFU said prices for nitrogen fertiliser were already up 200% year on year.
“In connection with unfounded accusations against Russia regarding the energy crisis in Europe and the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline.”
“But so far we are not taking such a decision.
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