The U.S. House of Representatives is considering adopting legislation aimed at banning Russian agricultural products. The bill would require the Secretary of the Treasury to issue a mandate to US officials at the World Bank, International Monetary Fund, and other international financial groups to make investments aimed at reducing global dependence on Russian fertilizers and grain.

American AG Network reports that the bill arose in response to Russia's ruthless invasion of Ukraine and its impact on global markets. Democrat Maxine Waters noted that the consequences of Russian aggression have been manifested in significant restrictions on global food supplies and rising prices for many food and fertilizer products.

In 2022, prices for fertilizers and grain were high due to the Russian invasion of Ukraine. However, prices began to decline early last year. DTN reports that retail prices for fertilizers fell for six of the eight main types of fertilizers at the end of December last year. Between January and July, prices dropped by about 34%, driven in part by a drop in demand for natural gas due to mild weather.

It is important to note that the impact on global prices for fertilizers and grain was determined not only by geopolitical events, but also by weather conditions and economic factors. The increase in global prices for these agricultural resources has become a subject of discussion at the legislative level in connection with food security and reducing dependence on individual suppliers.

The rise of the discussion of the draft law indicates that world leaders are seeking to respond to global challenges by ensuring stability and balance in global agricultural markets.

The adoption of the law banning Russian agricultural products is expected to have an important impact on global agricultural strategies and global food markets, contributing to the diversification of supply sources and maintaining the sustainability of agricultural systems.