Russia is planning to impose an export tax of 23.5% on all fertilisers, Russian news agency Interfax has reported.

The tax would be imposed when the price exceeds $450/t (€435/t), it said.

Russia is a major supplier of potash, urea and ammonium nitrate to the global market.

It has already imposed export quotas on fertiliser exports, restricting supply to its traditional buyers.

The added imposition of a tax is expected to affect buyers in Africa, North and South America.

Those buyers are now likely to buy as much as they can before Russia imposes the tax on 1 January 2023 or begin scouring European and other markets for alternative suppliers.

This could have a knock-on effect of pushing up demand and prices for Irish fertiliser buyers.

Bulk buying

Earlier on Friday, the European Commission said it was open to European governments to bulk buy fertiliser on behalf of their farmers.

A Commission document suggests that state bodies could establish a bulk buying scheme to lower fertiliser costs for farmers, but these schemes would need approval under EU state aid rules and would be subject to aid thresholds.