by Jim Quinn
It doesn’t get funnier than this. As our inventory market implodes, fuel soars previous $5.00 a gallon, inflation rages at a real price north of 17%, somebody informed Dementia Joe we are able to’t develop crops with out Russian fertilizer. Biden’s sanctions have destroyed America, not Russia. Their oil revenues are at document highs, they only REDUCED rates of interest, and their ruble is at a 4 yr excessive versus the USD. The Ukrainian military is collapsing, Russia has already gained the conflict, and we simply pissed $50 billion down a Ukrainian bathroom. Thanks Joe.
By way of ZeroHedge
Biden Admin Quietly Urging Firms To Buy Russian Fertilizer
Effectively that is awkward…
The Biden administration has been quietly urging agricultural and transport firms to purchase and carry extra Russian fertilizer, based on Bloomberg, citing individuals conversant in the efforts.
The transfer comes as fears over sanctions have led to a pointy drop in provides, contributing to the continuing ‘spiraling international meals prices.’
The trouble is a part of advanced and tough negotiations underway involving the United Nations to spice up deliveries of fertilizer, grain and different farm merchandise from Russia and Ukraine which were disrupted by President Vladimir Putin’s invasion of his southern neighbor.
US and European officers have accused the Kremlin of utilizing meals as a weapon, stopping Ukraine from exporting. Russia denies that even because it has attacked key ports, blaming the cargo disruptions on sanctions imposed by the US and its allies over the invasion. -Bloomberg
With Moscow being a key provider of fertilizer, the US and EU have included exemptions on sanctions towards doing enterprise with Russia – nonetheless many shippers, banks and insurers have been cautiously staying away out of worry that they could by chance run afoul of the foundations in an costly lesson. Now, US officers try to encourage exercise within the area.
Exports of Russian fertilizer are notably down 24% YTD.
As Bloomberg notes, the brand new push by Washington underscores the present problem dealing with the west – which seeks to punish Russian President Vladimir Putin over the invasion of Ukraine, whereas additionally easing stress on economy-damaging meals inflation throughout an election yr in America. For the reason that conflict started in February, already-high inflation spiked additional – some extent Putin commonly makes whereas railing towards sanctions.
Earlier this month, the Biden admin despatched a consultant to UN-led talks with Moscow relating to provide points – as inadequate deliveries of fertilizer might additionally negatively have an effect on subsequent yr’s crops.
The Kremlin has insisted that the US present assurances to international consumers that they gained’t face sanctions, suggesting it as a situation to unblock any shipments of Ukrainian farm merchandise now.
“For Russia, it’s actually necessary that U.S. authorities ship a transparent sign that these offers are permitted and within the curiosity of worldwide meals safety and so they shouldn’t refuse to hold them out,” mentioned Ivan Timofeev, a sanctions specialist on the Kremlin-founded Russian Worldwide Affairs Council.
Russian grain exports are down solely 14%, whereas wheat exports doubled in Could, based on the Russian grain union, whereas greater than 25 million tons of Ukrainian grains, sunflower oil and different commodities are caught in Ukraine on account of safety fears over Black Sea ports and transport lanes. With the brand new harvest starting, officers warning that the state of affairs will turn into extra dire.
Talks on releasing these shipments have gone slowly, with Putin in search of to pin the blame on Ukraine for not desirous to take away mines from ports positioned to defend them from doable assaults by Russian forces. Kyiv has mentioned it’s not satisfied by Moscow’s assurances that it gained’t strike, noting that Russia additionally insisted earlier than the conflict that it wouldn’t invade.
De-Mining Ukraine’s Ports Could Take Months, UN Company Says Russia gained the help of Turkey in its requires sanctions aid final week, however Ankara’s efforts to mediate an answer to restart shipments to date haven’t yielded outcomes. -Bloomberg
In accordance with James O’Brien, head of the Workplace of Sanctions Coordination on the State Division, “We’re working along with our companions to get about half of what Ukraine exports out every month,” including “So we’re taking a look at a considerable shortfall.”
Lastly, we are able to’t assist however see the irony that Washington is urging farmers to purchase Russian fertilizer (implicitly partially funding Putin’s conflict towards Ukraine), whereas on the identical time offering arms and funding to Ukraine (in Ukraine’s conflict towards Russia). An actual MIC reacharound.
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