On Thursday, Russian Minister of Industry and Trade Denis Manturov said Russia decided to suspend fertilizer exports. This comes when global food prices are at record highs, and European fertilizer makers are struggling to produce nutrients ahead of the spring growing season, increasing global food inflation risks.

President Vladimir Putin said the fertilizer export ban was a move to ensure stable domestic food prices. This is another sign of growing protectionism worldwide as countries grapple with soaring food prices. Putin said fertilizer markets are deteriorating, making food a lot more expensive. Putin added that Russia has agreements with "friendly countries" on fertilizers.

In addition Moscow is considering retaliatory economic measures to ban exports of certain agricultural products to countries outside the Eurasian Economic Union.

Note that up to 80% of EU fertilizers industry is stopped now due to extreme gas prices.

It'll be very grim year for EU.