World Looks to Replace Russia in Trade

March 31, 2022
Canada and other nations are looking to step in as sanctions on Russia affect supplies of agricultural and other commodities.

Canada and other nations are looking to step in as sanctions on Russia affect supplies of agricultural and other commodities.

Canada is experiencing increased demand for potash, used as fertilizer, as well as wheat and petroleum. Brazil wants to buy more potash from Canada, which already supplies more than a third of its total potash imports, the Wall Street Journal reports. Russia and Belarus had supplied about half, but trade with them has been cut off due to Russia’s invasion of Ukraine.

Other countries are also looking to fill gaps. Officials in Argentina are receiving solicitations to buy sunflower oil, a market that until now was dominated by Russia and Ukraine together, as well as wheat and petroleum. Australia is getting similar inquiries about copper and nickel.

Filling these gaps may be challenging in some cases. Australia, for instance, hasn’t kept investments in mining current, and Canada has nixed plans for pipelines that would have allowed it to export more petroleum.

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