Moscow, March 31 Russia is ready to supply fertilizers and other agricultural products to countries in the Global South and East, a senior Russian official said on Tuesday.
The closure of the Strait of Hormuz due to the West Asia conflict has impacted the global economy.
At a briefing for foreign diplomats here, Deputy Secretary of the Russian Security Council, Alexander Venediktov, said that the closure has halted approximately 50 per cent of global fertilizer exports, which could disrupt the sowing season in Asia.
"The escalation of hostilities in the Persian Gulf region has led to the closure of the Strait of Hormuz. The logistics and trade-economic architecture, as well as global energy and food security, are on the brink of collapse," Venediktov said.
He added that it is fraught with "very serious consequences" for countries dependent on imported hydrocarbons, fertilizers, and food.
"Prices for nitrogen additives have risen by 30 per cent. In this extremely challenging situation, Russia is ready to act in coordination with its friends – countries in the Global South and East."
"We are ready to extend a helping hand through the supply of agricultural products, fertilizers, and the development of multidisciplinary cooperation," Venediktov said.